Term of Existence. (a) This Section 22 will only apply to any Guarantor(s) that is an entity whose term of existence expires prior to the Maturity Date. This Section 22 is subject to Section 8.02 of the Continuing Covenant Agreement.
(b) At least 6 months prior to the expiration of its term of existence (“Term”), each entity Guarantor must take one of the following actions (“Guarantor Expiration Alternatives”):
(i) Extend its Term to a date that is at least 6 months after the Maturity Date (“Extension”) and provide Funding Lender with Notice of the Extension.
(ii) Cause one or more natural persons or entities who individually or collectively, as applicable, is/are acceptable to Funding Lender, to execute and deliver to Funding Lender a guaranty in the same form as this Guaranty, without any cost or expense to Funding Lender.
(iii) Deliver to Funding Lender a letter of credit (“Term Extension Letter of Credit”) or other collateral acceptable to Funding Lender as collateral security for the Project Loan. The Term Extension Letter of Credit must meet all of the following conditions:
(A) Satisfy the requirements for Letters of Credit in Section 11.16 of the Continuing Covenant Agreement.
(B) Be in an amount equal to 10% of the outstanding principal balance of the Project Note.
(C) Include an automatic renewal provision or have a term that extends six months beyond the Maturity Date of the Project Loan.
(c) Guarantor must ensure the Term Extension Letter of Credit remains in force until the Project Loan is paid in full. If Funding Lender receives any Notice from the Term Extension Letter of Credit Issuer that Issuer will not renew the Term Extension Letter of Credit, then Funding Lender may immediately draw upon the Term Extension Letter of Credit in full and hold the proceeds in an escrow account.
(d) Funding Lender will hold the Term Extension Letter of Credit or, if Funding Lender has previously drawn on the Term Extension Letter of Credit pursuant to Section 22(c), the proceeds of the Term Extension Letter of Credit, until the first to occur of the following:
(i) Funding Lender has a claim against Guarantor under the terms of this Guaranty, in which case Funding Lender may take either of the following actions:
(A) Draw on the Term Extension Letter of Credit in an amount equal to the claim and apply the proceeds to fully or partially satisfy the claim. If Funding Lender has previously drawn on the Term Extension Letter of Credit pursuant to Section 22(c), then Funding Lender m...
Term of Existence. The Company shall be formed as of the time of the filing of the Certificate of Formation in the Office of the Secretary of State of Delaware and its existence shall be perpetual, unless earlier terminated, dissolved or liquidated in accordance with the provisions of this Agreement.
Term of Existence. The period during which the Corporation shall continue is perpetual.
Term of Existence. The Company commenced upon the filing of its Certificate with the Secretary of State of the State of Delaware and shall continue indefinitely until such time as it shall be dissolved, wound up and terminated under the provisions of Article XI hereof.
Term of Existence. (a) This Section 22 will only apply to any Guarantor(s) that is an entity whose term of existence expires prior to the Maturity Date.
(b) At least 6 months prior to the expiration of its term of existence ("Term"), each entity Guarantor must take one of the following actions ("Guarantor Expiration Alternatives"): (i) Extend its Term to a date that is at least 6 months after the Maturity Date ("Extension") and provide Lender with Notice of the Extension.
Term of Existence. (a) Unless dissolved and terminated pursuant to the terms hereof, the Trust shall have perpetual existence. The Trust shall dissolve (i) upon the affirmative vote to dissolve the Trust by both a majority of the Trustees and the holders of at least two-thirds of the Shares or (ii) as required by operation of law. After dissolution, 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 as contemplated by Section 3808(e) of the Delaware Statutory Trust Statute. The Trustees may, to the extent they deem appropriate, adopt a plan of liquidation at any time preceding the anticipated dissolution date, which plan of liquidation may set forth the terms and conditions for implementing the dissolution and liquidation of the Trust under this Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the dissolution and liquidation of the Trust under this Article XI except to the extent required by the 1940 Act.
(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of 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.
Term of Existence. Unless dissolved and terminated pursuant to the terms hereof, the Trust shall have perpetual existence. The Trust shall dissolve (i) upon the affirmative vote to dissolve the Trust by both a majority of the Trustees and the holders of at least two-thirds of the Shares or (ii) as required by operation of law. After dissolution, 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 as contemplated by Section 3808(e) of the Delaware Statutory Trust Statute. The Trustees may, to the extent they deem appropriate, adopt a plan of liquidation at any time preceding the anticipated dissolution date, which plan of liquidation may set forth the terms and conditions for implementing the dissolution and liquidation of the Trust under this Article XI. Shareholders of the Trust shall not be entitled to vote on the adoption of any such plan or the dissolution and liquidation of the Trust under this Article XI except to the extent required by the 1940 Act.
Term of Existence. The term of duration and existence of the Corporation shall be perpetual.
Term of Existence. The Company’s existence shall continue until the Company is dissolved and its Certificate of Formation is cancelled in accordance with this Agreement.
