Common use of Termination or Revocation of Trust Clause in Contracts

Termination or Revocation of Trust. If any of Borrower, Guarantor or Key Principal is a trust, the termination or revocation of such trust is an unpermitted Transfer; provided that the termination or revocation of the trust due to the death of an individual trustor shall not be considered an unpermitted Transfer so long as: (1) Lender is notified within thirty (30) days of the death; and (2) such Borrower, Guarantor or Key Principal, as applicable, is replaced with an individual or entity acceptable to Lender, in accordance with the provisions of Section 11.03(a) within ninety (90) days of the date of death. If the conditions set forth in this Section 11.03(d) are satisfied, the Transfer Fee shall be waived; provided Borrower shall pay the Review Fee and out-of-pocket costs set forth in Section 11.03(g).

Termination or Revocation of Trust. If any of Borrower, Guarantor or Key Principal is a trust, the termination or revocation of such trust is an unpermitted Transfer; provided that the termination or revocation of the trust due to the death of an individual trustor shall not be considered an unpermitted Transfer so long as: (1) Lender is notified within thirty (30) days of the death; and (2) such Borrower, Guarantor or Key Principal, as applicable, is replaced with an individual or entity acceptable to Lender, in accordance with the provisions of Section 11.03(a) Lender within ninety sixty (9060) days of the date of death. If the conditions set forth in this Section 11.03(d11.03(a) are satisfied, the Transfer Fee shall be waived; provided Borrower shall pay the Review Fee and any out-of-pocket costs set forth in Section 11.03(g)of Lender.