Common use of Duration of the Trust Clause in Contracts

Duration of the Trust. 13.2.1 13.2.2 13.2.3 (b) 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. 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. 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. In the event that the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or 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. 13.2.1 13.2.2 13.2.3 (b) The PRT may not be revoked by the Company or Beneficiaries, acting as a whole, or the Trustee, provided that the NEB NEBCER 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. NEBCER. 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 that (a) the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or 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 NEBCER (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 NEBCER 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. Formatt 13.2.1 13.2.2 13.2.3 (b) The PRT may not be revoked by the Company or Beneficiaries, acting as a whole, or the Trustee, provided that the NEB CER 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. CER. 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-5P- 5, as amended. . 13.2.4 In the event that that (a) the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or 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 CER (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 CER 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. 13.2.1 13.2.2 13.2.3(a) Except where section 2.05(b) applies: (bi) The PRT may As long as the rule against perpetuities applies to the Trust under the laws of Alberta, the Trust shall continue for a term (“Trust Term”) ending at the conclusion of the perpetuity period as determined under relevant provisions the Perpetuities Act, R.S.A. 2000, c. P-5. (ii) not be revoked by more than five (5) years prior to the Company or Beneficiariesexpiration of the Trust Term and not less than one (1) year prior to the expiration of the Trust Term, acting as a whole, or the TrusteeTrustee shall pay the entirety of the Fund to the Company, provided that the NEB in the exercise Trustee has received a certificate of its statutory authority may direct the termination an officer of the PRTCompany stating that: (1) the Company is not in Default and (2) no events or circumstances have occurred which would reasonably be expected to result in a Default of the Company within one (1) year after the date the certificate is issued; (iii) the Company covenants to, upon receipt of the Fund, (1) keep the Fund separate and distinct from other assets of the Company; and (2) to immediately establish a new irrevocable trust upon the terms and subject to the same conditions set out in this agreement (the “New Trust”) and to contribute to the New Trust the entirety of the Fund; and (v) if the entirety of the Fund has not been paid to the Company pursuant to section (a)(ii), the Trustee shall notify the Tribunal thereof not later than ten (10) months prior to the expiry of the Trust Term, and order such successive arrangements as are appropriate in view of fulfilling the purpose Trustee shall pay the entirety of the PRTFund in accordance with the direction made by the Tribunal. For greater certaintyIf, after the date of this trust agreement and prior to disbursement of the entirety of the Fund pursuant to section 2.05(a), the rule in Xxxxxxxx x. Xxxxxxx shall not be applicable against perpetuities no longer applies to QETs governed by the PRT or law of the Trust Fund. Province of Alberta, this (a) This Agreement 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 NEB. 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. In the event that the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or 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 terminateTribunal.

Duration of the Trust. 13.2.1 13.2.2 13.2.3 (b) 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 that (a) the PRT ceases to qualify as a Qualifying Environmental Trust in circumstances other than those contemplated by section 13.3, or 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.