Common use of TERMINATION OF TRUST, ETC Clause in Contracts

TERMINATION OF TRUST, ETC. This Trust Agreement and the Trust created hereby shall terminate and this Trust Agreement shall be of no further force and effect upon the earlier of (i) the payment in full of all Outstandings under the Credit Agreements and the expiration or termination of all Commitments, and the sale or other final disposition by the Secured Parties and/or the Owner Trustee and each of the Companies, as the case may be, of all property consisting of the Owner Trust Estate and property of each of the Companies and the final distribution by the Secured Parties and/or the Owner Trustee and each of the Companies, as the case may be, of all moneys and other property or proceeds constituting a part of the Owner Trust Estate and property of each of the Companies in accordance with the terms of this Trust Agreement and/or the Collateral Agreements, as the case may be; provided that at such time the Lessee shall have fully complied with all of the terms of the Basic Documents, or (ii) twenty-one years less one day after the death of the life of the last survivor of the members of the Board of Directors of GPU, Inc. now in office and their children, living on the date hereof. Otherwise, this Trust Agreement and the Trust created hereby shall continue in full force and effect in accordance with the terms hereof. If the Trust shall terminate by operation of law prior to its intended termination, the Owner Trustee and the Trustor agree to take all reasonable actions to extend or reform the Trust. Upon termination of the Trust, the funds held in the Owner Trust Estate shall be distributed as provided in Section 5 of this Trust Agreement and all other property in the Owner Trust Estate including but not limited to all of the stock of the Companies, shall be assigned and distributed to the Trust Beneficiary, or as otherwise then directed in writing by the Trust Beneficiary.

TERMINATION OF TRUST, ETC. This Trust Agreement and the Trust created hereby shall terminate and this Trust Agreement shall be of no further force and effect upon the earlier of (i) the payment in full of all Outstandings under the Credit Agreements and the expiration or termination of all Commitments, and the sale or other final disposition by the Secured Parties and/or the Owner Trustee and each of the Companies, as the case may be, of all property consisting of the Owner Trust Estate and property of each of the Companies and the final distribution by the Secured Parties and/or the Owner Trustee and each of the Companies, as the case may be, of all moneys and other property or proceeds constituting a part of the Owner Trust Estate and property of each of the Companies in accordance with the terms of this Trust Agreement and/or the Collateral Agreements, as the case may be; provided that at such time the Lessee shall have fully complied with all of the terms of the Basic Documents, or (ii) twenty-one years less one day after the death of the life of the last survivor of the members of the Board of Directors of GPU, Inc. General Public Utilities Corporation now in office and their children, living on the date hereof. Otherwise, this Trust Agreement and the Trust created hereby shall continue in full force and effect in accordance with the terms hereof. If the Trust shall terminate by operation of law prior to its intended termination, the Owner Trustee and the Trustor agree to take all reasonable actions to extend or reform the Trust. Upon termination of the Trust, the funds held in the Owner Trust Estate shall be distributed as provided in Section 5 of this Trust Agreement and all other property in the Owner Trust Estate including but not limited to all of the stock of the Companies, shall be assigned and distributed to the Trust Beneficiary, or as otherwise then directed in writing by the Trust Beneficiary.