Term and Termination of the Trust Sample Clauses

Term and Termination of the Trust. 7.1 This Agreement shall become effective from the date on which Trustor delivers the Trusted Property to Trustee. 7.2 This Agreement may be terminated under the following circumstances: (i) upon delivery by Trustee of the whole Trusted Property to Beneficiary in accordance with Article 5.4, the Trust shall be terminated immediately; (ii) upon one (1) month prior notice in writing by either Party to the other Party to terminate the Trust hereunder, the Trust hereunder shall be terminated at the expiration of such one (1) month period, or at a later date specified in the notice; and (iii) the Trust hereunder shall be terminated upon occurrence of any event that leads to such termination in accordance with the laws. 7.3 Upon termination of the Trust hereunder, the Trusted Property shall belong to Beneficiary. Where the Trust hereunder is terminated according to Article 7.2(ii) or (iii), Trustee shall act at the instruction of Trustor to: (i) pay, within five (5) working days of the termination of the Trust hereunder, the Trusted Property to the bank account designated by Beneficiary; and (ii) take all necessary actions immediately, from the date on which the Trust hereunder is terminated, to transfer the Trusted Equity Interest to Trustor or any entity or individual designated by Trustor, and pay, within five (5) working days of the completion of the transfer of the Trusted Equity Interest, the Trusted Property to the bank account designated by Beneficiary.
Sample 1Sample 2
AutoNDA by SimpleDocs
Term and Termination of the Trust. (a) Limited Term of Existence/Merger. Subject to Section 3(c) below, the Trust shall have a limited period of existence and shall dissolve at the close of business on December 31, 2024 ( Termination Date ) or, if applicable, the Extended Termination Date (as defined below), except that the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Trust to (i) merge or consolidate with or into one or more trusts or corporations (or series or classes thereof to the extent permitted by law), partnerships, associations, or other business entities (including open-end companies, trusts, partnerships, associations, corporations or other business entities created by the Trustees to accomplish such merger or consolidation) during the six-month period prior to the Termination Date, or, if applicable, the Extended Termination Date (as defined below), so long as the surviving or resulting entity is an open-end investment company as defined in the 1940 Act, or is a series thereof, managed by the same investment adviser which serves as the investment adviser to the Trust at that time or is an affiliate of such investment adviser, that will succeed to or assume the Trust s registration under the 1940 Act and that is formed, organized, or existing under the laws of the United States or of a state, commonwealth, possession or territory of the United States, unless otherwise permitted under the 1940 Act; or (ii) convert the Trust from a closed -end company to an open-end company, under the Trust s registration under the 1940 Act. (b) After the close of business on the Termination Date, or, if applicable, the Extended Termination Date (as defined below), if the Trust has not yet reorganized pursuant to Section 3(a) of this Article VIII, the Trustees shall proceed to wind up the affairs of, and liquidate, the Trust in accordance with Section 3(d) of this Article VIII .
Sample 1
Term and Termination of the Trust 
Sample 1Sample 2Sample 3See All (7)

Related to Term and Termination of the Trust

  • Term and Termination (a) This Agreement shall have an initial term beginning on the Effective Date and ending twenty-four (24) months thereafter (the “Initial Term”) and shall renew automatically for two (2) successive terms of one (1) year each (each a “Renewal Term,” collectively, the Initial Term and Renewal Term(s) shall be referred to as the “Term”), unless either Party provides notice of non-renewal to the other Party at least ninety (90) days prior to the end of the Initial Term or any Renewal Term or this Agreement is earlier terminated in accordance with the provisions hereof. (b) This Agreement shall terminate immediately upon the expiration or earlier termination of the Loan Sale Agreement. (c) Either Party may terminate this Agreement without cause upon ninety (90) days’ prior written notice to the other party. (d) A Party shall have a right to terminate this Agreement immediately upon written notice to the other Party in any of the following circumstances: (1) any representation or warranty made by the other Party in this Agreement shall be incorrect in any material respect and shall not have been corrected within thirty (30) Business Days after written notice thereof has been given to such other Party; (2) the other Party shall default in the performance of any obligation or undertaking under this Agreement and such default shall continue for thirty (30) Business Days after written notice thereof has been given to such other Party; (3) the other Party shall commence a voluntary case or other proceeding seeking liquidation, reorganization, or other relief with respect to itself or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian, or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of a trustee, receiver, liquidator, conservator, custodian, or other similar official or to any involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; (4) an involuntary case or other proceeding, whether pursuant to banking regulations or otherwise, shall be commenced against the other Party seeking liquidation, reorganization, or other relief with respect to it or its debts under any bankruptcy, insolvency, receivership, conservatorship or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, conservator, custodian, or other similar official of it or any substantial part of its property; or an order for relief shall be entered against either Party under the federal bankruptcy laws as now or hereafter in effect; or (5) there is a materially adverse change in the financial condition of the other Party. (e) Bank shall not be obligated to approve Applications or establish new Loan Accounts after termination of this Agreement; provided, that Bank shall originate Loan Accounts to Applicants to whom Bank has issued a lending commitment prior to termination, unless this Agreement is terminated pursuant to subsection 10(b) or by Bank pursuant to subsection 10(d). (f) The termination of this Agreement either in part or in whole shall not discharge any Party from any obligation incurred prior to such termination. (g) Upon termination of this Agreement, Company shall purchase all Loan Accounts established by Bank prior to and on the date of termination that have not already been purchased by Company. After termination, Company shall purchase all Loan Accounts originated by Bank pursuant to subsection 10(e). (h) The terms of this Section 10 shall survive the expiration or earlier termination of this Agreement.

  • Term and Termination of the Agreement 9.1. The Agreement shall enter into force upon its signing by the Parties and shall remain in full force and effect until the Parties have fully and properly fulfilled their obligations (including, unequivocally in the case the term of any other agreement associated with the Agreement exceeds the term of the Agreement). 9.2. In the cases and under the conditions stipulated by the Agreement and/or Legislation, it is possible to terminate the Agreement before expiration of its term in whole or in part:

  • Duration and Termination This Agreement shall become effective with respect to each Fund as of the corresponding effective date indicated in Appendix A and, unless sooner terminated with respect to a Fund as provided herein, shall continue in effect for a period of two years as to such Fund. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund for successive periods of 12 months, provided such continuance is specifically approved at least annually by both (a) the vote of a majority of the Trust’s Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund at the time outstanding and entitled to vote, and (b) the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. Notwithstanding the foregoing, this Agreement may be terminated by the Trust at any time as to a Fund, without the payment of any penalty, upon giving the Advisor 60 days’ notice (which notice may be waived by the Advisor), provided that such termination by the Trust shall be directed or approved (x) by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the holders of a majority of the voting securities of the Fund at the time outstanding and entitled to vote, or (y) by the Advisor on 60 days’ written notice (which notice may be waived by the Trust). This Agreement will also immediately terminate in the event of its assignment. (As used in this Agreement, the terms “majority of the outstanding voting securities,” “interested person” and “assignment” shall have the same meanings of such terms in the 1940 Act.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!