Common use of Notice of any dissolution of the Trust Clause in Contracts

Notice of any dissolution of the Trust. specifying the Distribution Date upon which the Certificateholder shall surrender its Trust Certificate to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder mailed within five Business Days of receipt of notice of termination from the Servicer given pursuant to Section 10.01 of the Transfer and Servicing Agreement, stating (i) the Distribution Date upon or with respect to which final payment of the Trust Certificate shall be made upon presentation and surrender of the Trust Certificate at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificate at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholder. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to the Certificateholder amounts distributable on such Distribution Date pursuant to Section 5.02.

Appears in 2 contracts

Sources: Trust Agreement (Orix Credit Alliance Receivables Trust 2000-A), Trust Agreement (Orix Credit Alliance Receivables Trust 2000 B)

Notice of any dissolution of the Trust. specifying the Distribution Date upon which the Certificateholder Certificateholders shall surrender its their Trust Certificate Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder Certificateholders mailed within five Business Days of receipt of a termination notice of termination from the Master Servicer given pursuant to Section 10.01 9.01(c) of the Transfer Sale and Servicing AgreementAgreement and no later than 20 days prior to such dissolution, stating (i) the Distribution Date upon or with respect to which final payment of the Trust Certificate Certificates shall be made upon presentation and surrender of the Trust Certificate Certificates at the office of the Paying Agent in The City of New York therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificate Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the CertificateholderCertificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to the Certificateholder Certificateholders amounts distributable on such Distribution Date pursuant to Section 5.025.

Appears in 1 contract

Sources: Trust Agreement (WFS Financial Auto Loans Inc)