Common use of Trust Pay Out Events Clause in Contracts

Trust Pay Out Events. If any one of the following events shall occur with respect to the Trust ("Trust Pay Out Events"): (i) any Transferor or any of the Account Owners shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Transferor or Account Owner or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Transferor or Account Owner; or any Transferor or Account Owner shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an "Insolvency Event"); (ii) the Trust shall become subject to regulation by the Commission as an "investment company" within the meaning of the Investment Company Act; or (iii) a Transfer Restriction Event shall occur; then, a Trust Pay Out Event shall occur with respect to each Series without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.

Trust Pay Out Events. If any one of the following events shall occur with respect to the Trust ("Trust Pay Out Events"): (i) any Transferor or any of the Account Owners shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Transferor or Account Owner or of or relating to all or substantially all of its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against such Transferor or Account Owner; or any Transferor or Account Owner shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make any assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (any such event, an "Insolvency Event"); (ii) the Trust shall become subject to regulation by the Commission as an "investment company" within the meaning of the Investment Company Act; or (iii) a Transfer Restriction Event shall occur; then, a Trust Pay Out Event shall occur with respect to each Series without any notice or other action on the part of the Trustee or the Investor Certificateholders, immediately upon the occurrence of such event.