Common use of Limited Term of Existence Clause in Contracts

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 2018, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 2018, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 5 contracts

Samples: Agreement and Declaration of Trust (Blackrock California Municipal 2018 Term Trust), Agreement and Declaration of Trust (Blackrock New York Municipal 2018 Term Trust), Agreement and Declaration of Trust (Blackrock Municipal 2018 Term Trust)

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Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182022, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182022, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 20182022, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 4 contracts

Samples: Trust Agreement (Blackrock Florida Municipal 2022 Term Trust), Trust Agreement (Blackrock New York Municipal 2022 Term Trust), Trust Agreement (Blackrock California Municipal 2022 Term Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 2018the Termination Date (as defined below), except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. The “Termination Date” shall be the sixth anniversary of the closing date of the Trust’s initial public offering; provided, however, that prior to the expiration of the Trust in accordance with this subsection (a), the Termination Date may be extended by up to one year by an affirmative vote of a majority of the Trustees. After the close of business on December 31, 2018the Termination Date, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 3 contracts

Samples: Agreement and Declaration of Trust (BlackRock Fixed Income Value Opportunities II), Agreement and Declaration of Trust (BlackRock Multi-Sector Opportunities Trust Series I), Agreement and Declaration of Trust (BlackRock Multi-Sector Opportunities Trust Series I)

Limited Term of Existence. (a) Subject to Section 11.2 hereof, The Trust created hereby shall have a limited period of existence and shall cease to exist dissolve at the close of business on December May 31, 20182020, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December May 31, 20182020 or, if applicable, on the Trust has not liquidated and wound up its business and affairsExtended Dissolution Date (as defined below) determined pursuant to Section 11.2 hereof, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts up as contemplated by Section 3808(e) of the TrustDelaware Statutory Trust Statute. The Trustees may, collect its assetsto the extent they deem appropriate, selladopt a plan of liquidation at any time preceding the anticipated dissolution date, convey, assign, exchange, merge where which plan of liquidation may set forth the terms and conditions for implementing the dissolution and liquidation of the Trust is not the survivor, transfer or otherwise dispose of all or any part under this Article XI. Shareholders of the remaining Trust Property shall not be entitled to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property vote on the adoption of any kind, discharge such plan or pay its liabilities, the dissolution and do all other acts appropriate liquidation of the Trust under this Article XI except to liquidate its businessthe extent required by the 1940 Act. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination liquidation of the Trust and Trust, including the distribution to the Shareholders as herein providedof any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 3 contracts

Samples: Agreement and Declaration of Trust (Blackstone Senior Floating Rate Term Fund), Agreement and Declaration of Trust (Blackstone / GSO Senior Floating Rate Term Fund), Agreement and Declaration of Trust (Blackstone / GSO Senior Floating Rate Term Fund)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182014, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182014, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 2 contracts

Samples: Agreement and Declaration of Trust (BlackRock Fixed Income Value Opportunities), Agreement and Declaration of Trust (BlackRock Credit Opportunities Trust)

Limited Term of Existence. (a) The Unless extended by an amendment of this Section 7.1 in accordance with Section 7.3, the Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182014, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182014, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, liabilities and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (Global Real Estate Opportunity Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 2018the Termination Date (as defined below), except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. The “Termination Date” shall be February 28, 2022; provided, however, that prior to the expiration of the Trust in accordance with this subsection (a), the Termination Date may be extended by up to six (6) months by an affirmative vote of a majority of the Trustees. After the close of business on December 31, 2018the Termination Date, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Trust Agreement (BlackRock 2022 Global Income Opportunity Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182020, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182020, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.. SCHEDULE B (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 20182020, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (Blackrock Municipal 2020 Term Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31November 12, 20182022 (the "Termination Date"), except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 2018the Termination Date, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Trust Agreement (URX Acquisition Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 2018the Termination Date (as defined below), except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. The “Termination Date” shall be February 28, 2025; provided, however, that prior to the expiration of the Trust in accordance with this subsection (a), the Termination Date may be extended by up to one year by an affirmative vote of a majority of the Trustees. After the close of business on December 31, 2018the Termination Date, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (BlackRock Multi-Sector Opportunities Trust II)

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Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182030, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182030, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 20182030, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's ’s existence under the this Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's ’s existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (BlackRock Municipal Target Term Trust)

Limited Term of Existence. (a) The Subject to Section 11.2 hereof, the Trust created hereby shall have a limited period of existence and shall cease to exist dissolve at the close of business on December May 31, 20182020 (or, if applicable, the Extended Dissolution Date (as defined below)), except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December May 31, 20182020 or, if applicable, on the Trust has not liquidated and wound up its business and affairsExtended Dissolution Date determined pursuant to Section 11.2 hereof, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts up as contemplated by Section 3808(e) of the TrustDelaware Statutory Trust Statute. The Trustees may, collect its assetsto the extent they deem appropriate, selladopt a plan of liquidation at any time preceding the anticipated dissolution date, convey, assign, exchange, merge where which plan of liquidation may set forth the terms and conditions for implementing the dissolution and liquidation of the Trust is not the survivor, transfer or otherwise dispose of all or any part under this Article XI. Shareholders of the remaining Trust Property shall not be entitled to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property vote on the adoption of any kind, discharge such plan or pay its liabilities, the dissolution and do all other acts appropriate liquidation of the Trust under this Article XI except to liquidate its businessthe extent required by the 1940 Act. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination liquidation of the Trust and Trust, including the distribution to the Shareholders as herein providedof any assets of the Trust, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (Blackstone Senior Floating Rate Term Fund)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 2018, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 2018, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreementsagree ments, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation cancella tion with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions condi tions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (Blackrock Municipal 2018 Term Trust)

Limited Term of Existence. (a) The Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182017, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182017, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Second Amended and Restated Agreement and Declaration of Trust (BlackRock Defined Opportunity Credit Trust)

Limited Term of Existence. (a) The Unless extended by an amendment to this Section 7.1 in accordance with Section 7.3, the Trust created hereby shall have a limited period of existence and shall cease to exist at the close of business on December 31, 20182014, except that the Trust shall continue to exist for the purpose of paying, satisfying, and discharging any existing debts or obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind up its business and affairs. After the close of business on December 31, 20182014, if the Trust has not liquidated and wound up its business and affairs, the Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, liabilities and do all other acts appropriate to liquidate its business. (b) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights. (c) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease. (d) The Trustees may, to the extent they deem appropriate, adopt a plan of termination at any time during the 24 months immediately preceding December 31, 2018, which plan of termination may set forth the terms and conditions for implementing the termination of the Trust's existence under the Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the termination of the Trust's existence under this Article XI.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (Global Real Estate Opportunity Trust)

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