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”).
(b) Within three (3) days following receipt by the Trustee of the Notice of Intention, the Trustee shall give written notification (the “Termination Notice”) to the Beneficiary and the Grantor of the date (the “Termination Date”) on which the Trust Account shall terminate. The Termination Date shall be (a) the Proposed Date if the Proposed Date is at least 30 days but no more than 45 days subsequent to the date the Termination Notice is given; (b) 30 days subsequent to the date the Termination Notice is given, if the Proposed Date is fewer than 30 days subsequent to the date the Termination Notice is given; or (c) 45 days subsequent to the date the Termination Notice is given, if the Proposed Date is more than 45 days subsequent to the date the Termination Notice is given.
(c) On the Termination Date, upon receipt of written approval of the Beneficiary, the Trustee shall transfer to the Grantor any Assets remaining in the Trust Account, at which time all liability of the Trustee with respect to such Assets shall cease.
Termination of the Trust Account. (a) The Trust Account and this Trust Agreement, except for the indemnities provided herein, may be terminated only after the Grantor and Beneficiary mutually give the Trustee written notice of their intention to terminate the Trust Account (the “Notice of Intention”). The Notice of Intention shall specify the date on which the Parties intend the Trust Account to terminate (the “Termination Date”).
(b) On the Termination Date, the Trustee shall transfer to the Grantor all of the Assets not previously withdrawn by the Beneficiary.
Termination of the Trust Account. This Agreement, except for the indemnities provided herein, may be terminated only after the Grantor, the Beneficiary and the Direct Insurer have given the Trustee joint written notice of their intention to terminate this 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, the Beneficiary or the Direct Insurer, in accordance with the joint direction of the Grantor, the Beneficiary and the Direct Insurer 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 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 Agreement.
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 Agreement and Trust Account 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"), 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 notifying Party intends the Trust Account to terminate (the "Proposed Date").
(b) Within three days following receipt by the Trustees of the Notice of Intention, the Trustee shall give written notification (the "Termination Notice") to the Beneficiary and the Grantor of the date (the "Termination Date") on which the Trust Account shall terminate. The Termination Date shall be between 30 and 45 days after the date that the Notice of Intention was received by the Trustee.
(c) On the Termination Date, and upon receipt of written approval of the termination of the Trust Account from the Beneficiary, the Trustee shall transfer to the Grantor any Assets remaining in the Trust Account, at which time this Agreement, and all duties and obligations of the Trustee with respect to such Assets shall cease.
Termination of the Trust Account. The Trust Account and this Trust Agreement shall be effective until terminated by sixty (60) days’ advance written notice sent to the Trustee by the Grantor. Written notice of termination shall be delivered by the Trustee to the Beneficiary at least thirty (30) but not more than forty-five (45) days prior to termination. Upon the termination of the Trust Account, the Trustee shall, with the Beneficiary’s prior written consent, transfer to the Grantor all of the Assets of the Trust Account and Income Account not previously withdrawn by the Beneficiary.
Termination of the Trust Account. (a) Upon receipt of the Beneficiary’s written consent, the Grantor shall terminate the Trust Account and this Agreement, except for the indemnities provided herein, by (i) giving thirty-five (35) calendar days’ advance written notice to the Trustee and (ii) the Trustee giving thirty (30) calendar days’ advance written notice of the date upon which the Trust Account shall terminate via certified mail to each of the Grantor and the Beneficiary.
(b) On the Termination Date, the Trustee shall transfer to the Grantor any Assets remaining in the Trust Account, at which time all liability of the Trustee with respect to such Assets shall cease.
Termination of the Trust Account. 15 ARTICLE 9. MISCELLANEOUS............................................................................... 15 Section 9.1. Notices..................................................................... 15 Section 9.2. Portfolio Inspection........................................................ 17 Section 9.3. Entire Agreement............................................................ 18 Section 9.4. Amendments.................................................................. 19 Section 9.5. Waivers..................................................................... 19 Section 9.6. Governing Law............................................................... 20 Section 9.7. Arbitration................................................................. 20 Section 9.8. Binding Effect; Assignment; Third Party Beneficiaries ................................................. 23 Section 9.9. Severability................................................................ 24 Section 9.10. Headings.................................................................... 24 Section 9.11. Counterparts................................................................ 25 Section 9.12. Errors and Omissions........................................................ 25 Section 9.13. Certain Definitions......................................................... 25 SIGNATURES..............................................................................................28
Termination of the Trust Account. Section 8.1. This Agreement shall be terminated upon the Trustee's receipt of a certificate substantially in the form of Exhibit C hereto (the "Termination Certificate") signed by a duly authorized officer of the Grantor executed in accordance with Section 9.9 of the Indemnity Reinsurance Agreement or, other than in accordance with such Section 9.9, 15 18 executed by both the Grantor and the Beneficiary. Within 10 days of the termination of this Agreement, the Trustee shall transfer, pay over and deliver to the Grantor all right, title and interest in the remaining Assets of the Trust Account in exchange for a written receipt from the Grantor. Unless terminated as provided above in this Section 8.1, this Agreement shall remain in effect for so long as there are Assets remaining in the Trust Account.
Termination of the Trust Account. In the event that (a) Arngre gives notice to Xxxxxx that it is no longer interested in the Project, (b) Arngre fails to make a timely deposit of funds in the Trust Account as required by Section 4, or (c) the required amount of funds are not expended or irrevocably committed to be expended from the Trust Account within the specified time limits as set forth in Section 5, Arngre's rights hereunder in the Project shall immediately be terminated and Arngre shall be paid the remaining balance in the Trust Account, less any amount that Xxxxxx and Arngre reasonably determine is necessary to pay any expenses to which Xxxxxx or Arngre are irrevocably committed with respect to the Project. In the event of such termination, Arngre shall have no right to be reimbursed any amounts expended from the Trust Account.
