Termination upon Liquidation of All Underlying Securities Clause Samples
The 'Termination upon Liquidation of All Underlying Securities' clause defines the automatic ending of an agreement when all the securities that form the basis of the contract have been sold or otherwise disposed of. In practice, this means that once the portfolio or pool of assets referenced in the agreement is fully liquidated, the contractual relationship between the parties ceases without further action required. This clause ensures that the agreement does not continue unnecessarily after its subject matter no longer exists, providing a clear and objective endpoint and preventing disputes over the contract's duration.
Termination upon Liquidation of All Underlying Securities. (a) The respective obligations and responsibilities under this Trust Agreement of the Depositor and the Trustee (other than the obligations of the Trustee to make distributions to Holders of the Certificates of any given Series as hereafter set forth and to provide information reports and information tax reporting) shall terminate upon the distribution to such Holders of all amounts held in all the Accounts for such Series and required to be paid to such Holders pursuant to this Trust Agreement on the Distribution Date coinciding with the final payment on or other liquidation (which may include redemption or other purchase thereof by the applicable Underlying Securities Issuer) (or any Advance with respect thereto) of the last Underlying Security remaining in the Trust for such Series or the disposition of all property acquired upon liquidation of any such Underlying Security; provided, however, that in no event shall any trust created hereby continue beyond the earlier of (1) any date set forth in Section 13 of the applicable Supplement as the termination date for such trust or (2) the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to the Co▇▇▇ ▇▇ ▇▇. ▇▇▇▇▇, living on the date hereof.
Termination upon Liquidation of All Underlying Securities. (a) The respective obligations and responsibilities under this Trust Agreement of the Depositor and the Trustee (other than the obligations of the Trustee to make distributions to Holders of the Certificates of any given Series as hereafter set forth and to provide information reports and information tax reporting) shall terminate upon the distribution to such Holders of all amounts held in all the Accounts for such Series and required to be paid to such Holders pursuant to this Trust Agreement on the Distribution Date coinciding with the final payment on or other liquidation (which may include redemption or other purchase thereof by the applicable Underlying Securities Issuer) (or any Advance with respect thereto) of the last Underlying Security remaining in the Trust for such Series or the disposition of all property acquired upon liquidation of any such Underlying Security; provided, however, that in no event shall any trust created hereby continue beyond the earlier of (1) any date set forth in Section 13 of the applicable Supplement as the termination date for such trust or (2) the expiration of 21 years from the death of the last survivor of the descendants of ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, the late ambassador of the United States to the Court of St. ▇▇▇▇▇, living on the date hereof.
(b) The Depositor shall provide the Trustee with written notice of any of the events set forth in paragraph (a) of this Section 10.01.
(c) Upon presentation and surrender of the Certificates by the Certificateholders on the Final Scheduled Distribution Date, or the Distribution Date coinciding with or next following the earlier to occur of the occurrences specified in paragraph (a) of this Section 10.01, with respect to the applicable Series of Certificates, the Trustee shall distribute to each Holder presenting and surrendering its Certificates (i) the amount otherwise distributable on such Distribution Date in accordance with Section 4.01 in respect of the Certificates so presented and surrendered, or (ii) as specified in the applicable Supplement, if in connection with the Trustee's sale of all the remaining Underlying Securities. Any funds not distributed on such Distribution Date shall be set aside and held in trust for the benefit of Certificateholders not presenting and surrendering their Certificates in the aforesaid manner, and shall be disposed of in accordance with this Section 10.01 and Section 4.01 hereof. Immediately following the deposit of funds in trust hereunder, t...
Termination upon Liquidation of All Underlying Securities. (a) The respective obligations and responsibilities under this Trust Agreement of the Depositor, and the Trustee (other than the obligations of the Trustee to make distributions to Holders of the Certificates of any given Series as hereafter set forth and to provide information reports and information tax reporting) shall terminate upon the distribution to such Holders of all amounts held in all the Accounts for such Series and required to be paid to such Holders pursuant to this Trust Agreement on the Distribution Date coinciding with the final payment on or other liquidation (which may include redemption or other purchase thereof by the applicable Issuer) (or any Advance with respect thereto) of the last Underlying Security remaining in the Trust for such Series or the disposition of all property acquired upon liquidation of any such Underlying Security; provided, however, that in no event shall the trust created hereby continue beyond the expiration of 21 years from the death of the last survivor of the descendants of
Termination upon Liquidation of All Underlying Securities. 67 ARTICLE X
Termination upon Liquidation of All Underlying Securities. 69 ARTICLE X MISCELLANEOUS PROVISIONS
Section 10.01. Amendment.................................................... 70 Section 10.02. Limitation on Rights of Certificateholders................... 71 Section 10.03. Governing Law................................................ 72 Section 10.04. Notices...................................................... 72 Section 10.05. Notice to Rating Agencies.................................... 73 Section 10.06. Severability of Provisions................................... 74 Section 10.07. Grant of Security Interest................................... 74 Section 10.08. Nonpetition Covenant......................................... 75 Section 10.09.