Termination of the Trust Fund. Section 9.01 of the Trust Agreement is restated in its entirety as follows: "The respective obligations and responsibilities of Xxxxxx Mac and the Trustee created hereby shall terminate upon the distribution to all Holders of all amounts required to be distributed hereunder upon (i) the repurchase by Xxxxxx Mac of all Qualified Loans and REO Property remaining in the Trust Fund at the Termination Price, (ii) the final payment of the last Qualified Loan and/or REO Property remaining in the Trust Fund; or (iii) distribution by Xxxxxx Mac pursuant to the Xxxxxx Mac Guarantee on the Final Distribution Date for the Class of Certificates having the latest Final Distribution Date of an amount sufficient to reduce the Class Certificate Principal Balance of such Class to zero; provided, however, that in no event shall any trust created hereby continue beyond the expiration of 21 years from the death of the survivor of the descendants of Xxxxxx X. Xxxxxxx, the late ambassador of the United States of America to the Court of St. James's, living on the Cut-Off Date. The right of Xxxxxx Mac to repurchase all Qualified Loans and REO Property in the Trust Fund pursuant to clause (i) above shall be subject to the aggregate Scheduled Principal Balances of the Qualified Loans being less than the Termination Percentage of the Scheduled Principal Balances thereof as of the Cut-Off Date. Any such repurchase shall take place on a Distribution Date for any then outstanding Class (regardless of whether such Distribution Date constitutes a Distribution Date for all such Classes of Certificates), and the proceeds of any such repurchase shall be distributed to Holders of the applicable Classes of Certificates on such Distribution Date, pro rata, in the first instance in respect of accrued interest and then, as a distribution of principal. In connection with any such termination, Xxxxxx Mac shall make available to financial publications and electronic services notice for the benefit of Holders of Certificates to the effect that the final distribution will be made on the Distribution Date therein specified to Certificateholders of record on the applicable Record Date."
Termination of the Trust Fund. (A) The Trust Fund and this Agreement, except for the indemnities provided herein, may be terminated only after (i) Grantor has given Trustee written notice of its intention to terminate the Trust Fund in the form of EXHIBIT D (the "Notice of Intention"), and (ii) Trustee has given Grantor and the IIE the written notice specified in Section 11(B). The Notice of Intention shall specify the date on which Grantor intends the Trust Fund to terminate (the "Proposed Date").
Termination of the Trust Fund. (a) The Trust Fund shall be terminated upon the earliest of (i) the payment in full of the Certificates pursuant to Section 3.05 hereof, (ii) termination of all of the Underlying Trusts pursuant to Section 6.02 hereof, or (iii) the date that is twenty-one (21) years from the death of the survivor of the descendants of Queen Elizabeth II, living on thx xxxx xxxxxf.
Termination of the Trust Fund. If the Congregation is divided, merged, suppressed, or otherwise substantially altered as provided in the Canon Law of the Catholic Church (with or without a corresponding alteration or dissolution of the civil entity under which the Congregation is incorporated), the Trustees shall distribute the trust Fund in a manner determined by the Xxxxxx of Madison in accordance with canons 121-123 of the Code of Canon Law or whatever canonical norms are in force at the time. If the Congregation is not so substantially altered, but the purposes for which the trust Fund is established no longer exist, the Trustees shall distribute the trust Fund into one or more other endowment trusts that are
Termination of the Trust Fund. If the Congregation is divided, merged, suppressed, or otherwise substantially altered as provided in the Canon Law of the Catholic Church (with or without a corresponding alteration or dissolution of the civil entity under which the Congregation is incorporated), the Trustees shall distribute the trust Fund in a manner determined by the Bishop of Madison ix xxxxrdance with canons 121-123 of the Code of Canon Law or whatever canonical norms are in force at the time. If the Congregation is not so substantially altered, but the purposes for which the trust Fund is established no longer exist, the Trustees shall distribute the trust Fund into one or more other endowment trusts that are (a) maintained by or within the structure of the church of the Diocese of Madison, (b) not inconsistent with the purposes of the trust Fund or the teachings of the Catholic Church, and (c) not inconsistent with the intentions of the donors as closely as possible. If (1) the Congregation is not substantially altered and (2) the purposes for which the trust Fund was established continue to exist, but (3) the income derived from the trust Fund significantly exceeds the amount needed for those purposes and (4) the excess is expected to exist indefinitely, then to the extent permissible under state law, the Trustees may transfer from the trust Fund, to one or more other endowment trusts whose purposes are not inconsistent with the purposes of the trust Fund or the teachings of the Catholic Church, so much of the trust Fund that exceeds the amount reasonably appropriate for the trust Fund to satisfy its purposes for the foreseeable future. Otherwise, the trust Fund shall continue forever unless and until, consistent with the purposes set forth in Article II, the Trustees distribute all of the principal as provided in Article V, Paragraph A, regarding unusual distributions of principal.
Termination of the Trust Fund. SECTION 7.01 Purchase of Mortgage Loans; Termination of Trust Fund Upon Purchase or Liquidation of All Mortgage Loans. SECTION 7.02 Procedure Upon Redemption or other Termination of Trust Fund. SECTION 7.03 Additional Trust Fund Termination Requirements.
