Distribution of Trust Upon Termination Sample Clauses

Distribution of Trust Upon Termination. Upon termination of the Trust, the Trusteeshall assist the Investment Manager in liquidating the assets of the Trust, and thereupon distribute the then-existing assets of the Trust (including accrued, accumulated, and undistributed net income) less final Trust expenses (including taxes) to the Company, of which distributed amount the Company shall further distribute twenty-five percent (25%) to the Consumers.
Sample 1Sample 2Sample 3See All (6)
AutoNDA by SimpleDocs
Distribution of Trust Upon Termination. Upon the later of termination of the Tax-Qualified Trust or the Non-Tax Qualified Trust for the Plant (“Trust Termination Date”), the Trustee shall distribute the entire remaining amount of the Trust for the Plant, including all accrued, accumulated, and undistributed net income as reduced by any Taxes and Trustee and asset management fees and other administrative expenses of the Trusts relating to transactions on or prior to the Trust Termination Date, to a nuclear decommissioning trust or trusts established by ExGen as ExGen and ComEd may direct by their joint written direction to the Trustee. The interest of ComEd or ExGen in any Trust is not subject to the claims of creditors of ComEd or ExGen.
Sample 1Sample 2
Distribution of Trust Upon Termination. Upon termination of each Trust, the Trustee shall distribute the entire remaining amount of the trust, including all accrued, accumulated and undistributed net income, to the Company; provided, however, that no such distribution shall be made unless either (a) an order of the ICC, IUB or the NRC and FERC specifically authorizing such distribution is in effect, as evidenced to the Trustee by the written certification of the Company, and which certification specifies further that all necessary consents and approvals to such distribution have been obtained, or (b) the Company has furnished the Trustee with an opinion of legal counsel to the effect that no such orders are necessary to authorize such distri- bution and that all necessary consents and approvals to such distribution have been obtained.
Sample 1
Distribution of Trust Upon Termination. Without limitation of Section 5.01 of this Agreement, upon termination of the Trust , at the direction of the Company, the Trustee shall liquidate the assets of the Trust and distribute the Excess Funds (less all reasonable final Administrative Expenses), unless otherwise determined, ordered or required by any Governmental Authority, to the Company. An Authorized Representative will provide the Trustee with written notice(s) regarding the timing and amount of distributions to be made pursuant to this Section 5.02. The Trustee shall be permitted to rely conclusively upon any written notification received from an Authorized Representative relating to any determination, order or decision of Governmental Authorities, provided a copy of such determination, order or decision is included with the written notification.
Sample 1
Distribution of Trust Upon Termination. Upon any termination of the Trust or if a court of proper jurisdiction finds that this Trust is invalid under applicable law or if the Trust violates the Rule Against Perpetuities, Trustee shall convey any remaining Trust Property to the Beneficiaries.
Sample 1
Distribution of Trust Upon Termination. Upon the termination of the Trust Agreement, the Trustee shall distribute the entire remaining amount of the Trust, including all accrued, accumulated, and undistributed net income, to EnergySolutions, Inc.
Sample 1

Related to Distribution of Trust Upon Termination

  • Procedure Upon Termination of Trust (a) Notice of any termination pursuant to the provisions of Section 10.1, specifying the Distribution Date upon which the final distribution shall be made, shall be given promptly by the Trustee by first class mail to the Paying Agent, the Rating Agencies, the Class R-I, Class R-II and REMIC III Certificateholders mailed no later than ten days prior to the date of such termination. Such notice shall specify (A) the Distribution Date upon which final distribution on the Class R-I, Class R-II and REMIC III Certificates will be made, and upon presentation and surrender of the Class R-I, Class R-II and REMIC III Certificates at the office or agency of the Certificate Registrar therein specified, and (B) that the Record Date otherwise applicable to such Distribution Date is not applicable, distribution being made only upon presentation and surrender of the Class R-I, Class R-II and REMIC III Certificates at the office or agency of the Certificate Registrar therein specified. The Trustee shall give such notice to the Depositor and the Certificate Registrar at the time such notice is given to Holders of the Class R-I, Class R-II and REMIC III Certificates. Upon any such termination, the duties of the Certificate Registrar with respect to the Class R-I, Class R-II and REMIC III Certificates shall terminate and the Trustee shall terminate, or request the Master Servicer and the Paying Agent to terminate, the Certificate Account and the Distribution Account and any other account or fund maintained with respect to the Certificates, subject to the Paying Agent's obligation hereunder to hold all amounts payable to the Class R-I, Class R-II and REMIC III Certificateholders in trust without interest pending such payment.

  • Termination of Trust Section 9.01

  • Termination of Trust Agreement Section 9.01.

  • Duration and Termination of Trust Section 4. Unless terminated as provided herein, the Trust shall continue without limitation of time. Subject to the voting powers of one or more classes or series of Shares as set forth in the Bylaws, the Trust may be terminated at any time (i) by vote or consent of Shareholders holding at least seventy-five percent (75%) of the Shares entitled to vote or (ii) by vote or consent of majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees upon written notice to the Shareholders. Any series or class of Shares may be terminated at any time (x) by vote or consent of Shareholders holding at least seventy-five percent (75%) of the Shares of such series of class entitled to vote or (y) by vote or consent of majority of the entire Board of Trustees and seventy-five percent (75%) of the Continuing Trustees upon written notice to the Shareholders of such series or class. For the avoidance of any doubt and notwithstanding anything to the contrary in this Declaration, Shareholders shall have no separate right to vote with respect to the termination of the Trust or a series of class of Shares if the Trustees (including the Continuing Trustees) exercise their right to terminate the Trust or such series or class pursuant to clauses (ii) and (y) of this Section 4. Upon termination of the Trust or of any one or more series or classes of Shares, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular series or class, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets to distributable form in cash or shares or other property, or any combination thereof, and distribute the proceeds to the Shareholders of the series or class(es) involved, ratably according to the number of Shares of such series or class held by the several Shareholders on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes or series of Shares.

  • Liquidation and Termination On dissolution of the Company, the Majority Members may appoint one or more Members as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidators shall continue to operate the Company properties with all of the power and authority of the Members. The steps to be accomplished by the liquidators are as follows:

Time is Money Join Law Insider Premium to draft better contracts faster.