Common use of INSOLVENCY OF GRANTOR Clause in Contracts

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of Maryland, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets in the Trust Account.

INSOLVENCY OF GRANTOR. (a) Notwithstanding any other provision in this Agreement, if the Grantor has been declared insolvent or placed into receivership, rehabilitation, liquidation, or similar proceedings under the laws of Maryland, the Trustee shall comply with any order of the regulatory authority with oversight over the Trust Account or court of competent jurisdiction directing the Trustee to transfer to such regulatory authority or other designated receiver all of the assets Assets in the Trust Account, less any amounts owed by the Grantor to the Trustee pursuant to this Agreement.