Duration of the Trust Sample Clauses

Duration of the Trust. This Trust shall continue without limitation of time but subject to the provisions of this Article XI.

Duration of the Trust. 13.2.1 The PRT may not be revoked by the Company or Beneficiaries, acting as a whole, or the Trustee, provided that the NEB in the exercise of its statutory authority may direct the termination of the PRT, and order such successive arrangements as are appropriate in view of fulfilling the purpose of the PRT. For greater certainty, the rule in Xxxxxxxx x. Xxxxxxx shall not be applicable to the PRT or the Trust Fund. 13.2.2 This Agreement shall have no specific term but shall commence on the date first mentioned above and shall continue until terminated in writing by the Company, with the approval of the NEB. 13.2.3 In the event that the rule against perpetuities applies to the PRT under the laws of Alberta, the PRT shall continue for a term ending at the conclusion of the perpetuity period as determined under the "wait and see" provisions of the Perpetuities Act, R.S.A. 2000, c. P-5, as amended. 13.2.4 In the event that (a) the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or (b) the Trustee is of the view that the period permitted by the perpetuity legislation of Xxxxxxx xxx expire in not more than five years, then, as soon as practicable, (c) if there is no Event of Default with respect to the Company, the Trustee shall pay the Trust Fund to the Company, and the Company covenants upon receipt of the Trust Fund, to settle, at once, a new irrevocable trust that qualifies as a Qualifying Environmental Trust upon terms and conditions approved by the NEB (the "New Trust"), and to contribute to the New Trust an amount equal to the value of the entirety of the Trust Fund, and (d) in any other circumstance, the Trustee shall seek directions from the NEB on the successive arrangements which are appropriate in the circumstances in accordance with section 13.2.1 and (e) thereafter this Agreement and the trusts hereunder shall terminate.

Duration of the Trust. The Trust shall continue perpetually unless termination pursuant to the provisions contained herein or pursuant to any applicable provision of the Delaware Statutory Trust Statute.

Duration of the Trust. This Agreement shall have no specific term but shall commence on the date first mentioned above and shall continue until terminated in writing by the Company, with the approval of the Tribunal. In the event that

Duration of the Trust a) If the rule against perpetuities does not apply in the Province of Ontario at the relevant time, this Agreement shall have no specific term but shall commence on the date first mentioned above and shall continue until terminated in writing by the Company, with the approval of the Tribunal. b) If the rule against perpetuities applies in the Province of Ontario: (i) this Agreement shall terminate no later than the expiration of the perpetuity period as determined under relevant provisions the Perpetuities Act, R.S.O. 1990, c.P-9 (the “Trust Term”); (ii) not more than five (5) years prior to the expiration of the Trust Term, and provided that the Company is not in Default, the Trustee shall pay the entirety of the Fund to the Company, and the Company covenants upon receipt of the Fund to establish, at once, a new irrevocable trust upon terms and subject to the same conditions set out in this Agreement (the “New Trust Fund”), and, if consistent with Applicable Laws, to promptly contribute to the New Trust Fund the entirety of the Fund. c) This Agreement is drafted on the basis that the Accumulations Act (Ontario) does not apply to the Fund. If the Accumulations Act (Ontario) is ever found to apply to the Fund by a Court of competent jurisdiction, any income arising outside of the applicable accumulation period as determined by the court shall be returned to the Company. The Company shall contribute to the Fund any amounts that are returned to it under this subsection 2.04(c). For greater certainty, the Trustee is authorized to seek the direction of the Court to determine the application of the Accumulations Act (Ontario) to the Trust.

Duration of the Trust. 13.2.1 The PRT may not be revoked by the Company or Beneficiaries, acting as a whole, or the Trustee, provided that the NEB in its sole and absolute discretion may direct the termination of the PRT, and order such successive arrangements as are appropriate. For greater certainty, the rule in Xxxxxxxx x. Xxxxxxx shall not be applicable to the PRT or the Trust Fund. 13.2.2 This Agreement shall have no specific term but shall commence on the date first mentioned above and shall continue until terminated in writing by the Company, with the approval of the NEB.

Duration of the Trust. This Trust Agreement will have the duration necessary for the accomplishment of its objectives, but it may not exceed the maximum period established in the law for this type of contract, and it will be extinguished by any of the circumstances foreseen in Article 392 of the General Law of Negotiable Instruments and Credit Transactions.

Duration of the Trust. 2.12.1 Consistent with the terms of this Agreement and the Settlement Agreement, the Environmental Trustee shall not unduly prolong the duration of the Environmental Response Trust and shall at all times endeavor to resolve, settle, or otherwise dispose of all claims against Environmental Trust Assets and to effect the distribution of any remaining Environmental Trust Assets in accordance with the terms hereof and the Settlement Agreement, and to terminate the Environmental Response Trust as soon as practicable consistent with this Agreement and the Settlement Agreement. 2.12.2 The Parties agree that the rule against perpetuities does not apply to the Environmental Response Trust, but to the extent that any rule against perpetuities shall be deemed applicable, the Environmental Response Trust shall automatically dissolve on the date 90 days after the date on which 21 years less 91 days pass after the death of the last survivor of all of the descendants of the late Xxxxxx X. Xxxxxxx, Xx., father of the late President Xxxx X. Xxxxxxx, living on the date hereof.

Duration of the Trust. (a) This trust agreement shall have no specific term but shall commence on the date first mentioned above and shall continue until terminated in writing by the Company, with the approval of the Tribunal. (b) In the event that (i) the Trust ceases to qualify as a QET in circumstances other than those contemplated by section 2.04(a), or (ii) the Trustee is of the view that the period permitted by the perpetuity legislation of Xxxxxxx xxx expire in not more than five years, then, as soon as practicable, (iii) if the Company is not in Default, the Trustee shall pay the Fund to the Company to be held and identified as property to be used for Reclamation Obligations, and the Company covenants upon receipt of the Funds, to xxxxxx, at once, a new irrevocable trust that qualifies as a QET upon terms and conditions approved by the Tribunal (the “New Trust"), and to contribute at once to the New Trust an amount equal to the value of the entirety of the Fund, and (iv) in any other circumstance, the Trustee shall seek directions from the Tribunal on the successive arrangements which are appropriate in the circumstances in accordance with Section 7.02, and (v) thereafter this Agreement and the trusts hereunder shall terminate.

Duration of the Trust. This Trust shall be of indefinite duration until terminated by a vote of the Upton Town Meeting. Upon termination of the Trust, subject to the payment of or making provisions for the payment of all obligations and liabilities of the Trust and the Trustees, the net assets of the Trust shall be transferred to the Town of Upton and held by the Board of Selectmen for affordable housing purposes. In making any such distribution, the Trustees may, subject to the approval of the Board of Selectmen, sell all or any portion of the Trust property and distribute the net proceeds thereof to the Town of Upton. The powers of the Trustees shall continue until the affairs of the Trust are concluded. Once the Upton Town Meeting has voted to terminate the Trust, the Board of Selectmen shall have the power to approve all financial transactions made on behalf of the Trust.