Common use of Distributions on Dissolution Clause in Contracts

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager (or in the event there is no Manager, such Person (the “Liquidating Trustee”) as the Shareholders by Majority Vote may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), other than liabilities for distributions to Shareholders, and (b) to each Shareholder in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to the Shareholders pursuant to Article VII.

Distributions on Dissolution. Upon the dissolution of the TrustTrust or any Series, the Manager Managing Owner (or in the event there is no ManagerManaging Owner, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust EstateSeries assets and liabilities. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust or Series shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders Interestholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Series of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to ShareholdersInterestholders, and (b) to the Managing Owner and each Shareholder Limited Owner pro rata in accordance with its his positive book capital account balance, less any amount owing by such ShareholderInterestholder to the Series, after giving effect to all adjustments made pursuant to Article VII VI and all distributions theretofore made to the Shareholders Interestholders pursuant to Article VIIVI. After the distribution of all remaining assets of the Series, the Managing Owner will contribute to the Series an amount equal to the lesser of (i) the deficit balance, if any, in its book capital account, and (ii) the excess of 1.01% of the total Capital Contributions of the Limited Owners over the capital previously contributed by the Managing Owner. Any Capital Contributions made by the Managing Owner pursuant to this Section shall be applied first to satisfy any amounts then owed by the Series to its creditors, and the balance, if any, shall be distributed to those Interestholders in the Series whose book capital account balances (immediately following the distribution of any liquidation proceeds) were positive, in proportion to their respective positive book capital account balances.

Distributions on Dissolution. Upon the dissolution of the Trust, Trust the Manager Managing Owner (or in the event there is no ManagerManaging Owner, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to ShareholdersUnitholders, and (b) to the Managing Owner and each Shareholder Limited Owner pro rata in accordance with its his positive book capital account balance, less any amount owing by such ShareholderUnitholder, after giving effect to all adjustments made pursuant to Article VII VI and all distributions theretofore made to the Shareholders Unitholders pursuant to Article VIIVI.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Sponsor (or in the event there is no ManagerSponsor, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote holding Shares equal to at least a majority (over 50%) of the Shares may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up by the Sponsor or the Liquidating Trustee, and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, and (b) to each Shareholder the Shareholders pro rata in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to their respective Percentage Interests of the Shareholders pursuant to Article VIITrust Estate.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Sponsor (or in the event there is no ManagerSponsor, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, and (b) to each Shareholder the Shareholders pro rata in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to the Shareholders pursuant to Article VIItheir respective Percentage Interests.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Managing Owner (or in the event there is no ManagerManaging Owner, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to ShareholdersUnitholders, and (b) to the Managing Owner and each Shareholder Limited Owner pro rata in accordance with its his positive book capital account balance, less any amount owing by such ShareholderUnitholder, after giving effect to all adjustments made pursuant to Article VII VI and all distributions theretofore made to the Shareholders Unitholders pursuant to Article VIIVI.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Sponsor (or in the event there is no ManagerSponsor, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Beneficial Owners may propose and approve) shall take full charge of the Trust EstateProperty. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust StatuteAct, the business and affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders Registered Owners and Beneficial Owners who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to ShareholdersRegistered Owners, and (b) to each Shareholder the Beneficial Owners pro rata in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to their respective Percentage Interests of the Shareholders pursuant to Article VIITrust Property.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Sponsor (or in the event there is no ManagerSponsor, such Person person (the “Liquidating Trustee”) as the majority in interest of the Shareholders by Majority Vote may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets owned by the Trust shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, and (b) to each Shareholder the Shareholders pro rata in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to their respective Percentage Interests of the Shareholders pursuant to Article VIITrust Estate.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Sponsor (or in the event there is no ManagerSponsor, such Person person (the “"Liquidating Trustee”") as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Sponsor under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, and (b) to the Sponsor and each Shareholder Limited Owner pro rata in accordance with its positive book capital account balance, less any amount owing proportion to the relative number of Shares held by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to the Shareholders pursuant to Article VIIPersons.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager (or in the event there is no Manager, such Person (the “Liquidating Trustee”) as the Shareholders by Majority Vote may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, Shareholders and (b) to each Shareholder in accordance with its positive book capital account balance, less any amount owing by such Shareholder, after giving effect to all adjustments made pursuant to Article VII and all distributions theretofore made to the Shareholders pursuant to Article VII.

Distributions on Dissolution. Upon the dissolution of the Trust, the Manager Managing Owner (or in the event there is no ManagerManaging Owner, such Person person (the “Liquidating Trustee”) as the Shareholders by Majority Vote majority in interest of the Limited Owners may propose and approve) shall take full charge of the Trust Estate. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Manager Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. Thereafter, in accordance with Section 3808(e) of the Delaware Trust Statute, the business and affairs of the Trust shall be wound up and all assets shall be liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom shall be applied and distributed in the following order of priority: (a) to the expenses of liquidation and termination and to creditors, including Shareholders Unitholders who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Trust (whether by payment or the making of reasonable provision for payment thereof), ) other than liabilities for distributions to Shareholders, Unitholders; and (b) to the Managing Owner and each Shareholder Limited Owner pro rata in accordance with its positive book capital account balance, less any amount owing by such ShareholderUnitholder, after giving effect to all any adjustments made pursuant to Article VII and all any distributions theretofore made to the Shareholders pursuant to Article VIIUnitholders.