Common use of Termination of the Trusts Created by Indenture Clause in Contracts

Termination of the Trusts Created by Indenture. (a) The trusts created hereby and the respective obligations and responsibilities of the Issuer and the Indenture Trustee shall terminate upon the payment by the Issuer of all outstanding fees, expenses and indemnification amounts payable by the Issuer under the Basic Documents and (i) the purchase as of any Payment Date by the Servicer, or any successor to the Servicer, at its option of the Receivables primarily comprising the corpus of the Trust Estate as described in Section 10.02, (ii) the payment to the Noteholders of all amounts required to be paid to them pursuant to this Indenture and the release to or at the order of the Issuer of all remaining amounts or investments on deposit in the Collection Account and the release to the Seller of the amounts held in the Reserve Account or (iii) the maturity or liquidation of the last Receivable and the disposition of all property held as part of the Trust Estate. The Indenture Trustee shall promptly notify the Issuer and the Administrator of any prospective termination pursuant to this Section. The Issuer shall provide the Rating Agencies notice of any such termination upon receipt by it of the notice from the Indenture Trustee referred to in the immediately preceding sentence.