Common use of Trust Termination Clause in Contracts

Trust Termination. (a) The Trust shall wind up and dissolve and the Trust Property shall be distributed to the Owners in accordance with Section 6.06 hereof upon the sale or other final disposition of the Trust Property pursuant to the written instruction of the Board of Managers and the final distribution of all moneys or other property or proceeds of the Trust. Upon the dissolution of the Trust and the completion of the winding up of the Trust’s affairs, the Owner Trustee upon written instruction of the Board of Managers shall file a certificate of cancellation pursuant to Section 3810 of the Act. (b) The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (c) Notwithstanding anything to the contrary in this Agreement, this Agreement shall not terminate and cannot be revoked and the trust created hereby shall not wind up, dissolve, liquidate or terminate for so long as any Secured Obligations remain outstanding under the Loan Agreement and the lien of the Loan Agreement has not been released. (d) None of the Depositor or any Owner shall be entitled to revoke or terminate the Trust.

Trust Termination. (a) The Trust shall wind up and dissolve and the Trust Property shall be distributed to the Owners in accordance with Section 6.06 hereof upon the sale or other final disposition of the Trust Property pursuant to the written instruction of the Board of Managers and the final distribution of all moneys or other property or proceeds of the Trust. Upon the dissolution of the Trust and the completion of the winding up of the Trust’s affairs, the Owner Trustee upon written instruction of the Board of Managers shall file a certificate of cancellation pursuant to Section 3810 of the Act. (b) The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Owner’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (c) Notwithstanding anything to the contrary in this Agreement, this Agreement shall not terminate and cannot be revoked and the trust created hereby shall not wind up, dissolve, liquidate or terminate for so long as any Secured Obligations amounts remain outstanding under the Loan Agreement and the lien of the Loan and Security Agreement has not been released. (d) None Except as provided in this Section 12.01, none of the Depositor or any Owner shall be entitled to revoke or terminate the Trust.

Trust Termination. (a) The This Agreement shall terminate and the Trust created and continued hereby shall wind up up, dissolve and dissolve terminate and the Trust Property shall be distributed to the Owners in accordance with Section 6.06 hereof hereof, and this Agreement shall be of no further force or effect, upon the sale or other final disposition of the Trust Property pursuant to the written instruction of the Board of Managers and the final distribution of all moneys or other property or proceeds of the Trust. Upon the dissolution termination of the Trust and the completion of the winding up of the Trust’s 's affairs, the Owner Trustee upon written instruction of the Board of Managers shall file a certificate of cancellation pursuant to Section 3810 of the Act. (b) The bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such Owner’s 's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (c) Notwithstanding anything to the contrary in this Agreement, this Agreement shall not terminate and cannot be revoked and the trust created hereby shall not wind up, dissolve, liquidate or terminate for so long as any Secured Obligations amounts remain outstanding under the Loan Agreement and the lien of the Loan and Security Agreement has not been released. (d) None Except as provided in this Section 12.01, none of the Depositor or any Owner shall be entitled to revoke or terminate the Trust.