Termination of the Fund. Although the FUND is envisioned to be a going concern, it may be terminated if the said termination will redound to the best interest of the TRUSTOR/s in light of market and other conditions, provided that the same be made known to the TRUSTOR/s in accordance with the PLAN(s)/TRUST DEED.
Termination of the Fund s obligation shall take effect immediately upon the giving of such notice upon the occurrence of an event described in clauses (b) or (c) above, and 10 (ten) days after the giving of such notice in all other cases. In exercising its option to terminate its obligation to sell shares to the Company, the Fund will continue to make Fund shares available to the extent necessary to permit owners of Contracts in effect on the effective date of such termination (hereinafter referred to as "Existing Contracts") to reallocate investments in the Fund, redeem investments in the Fund and/or invest in the Fund upon the making of additional purchase payments under the Existing Contracts, unless the Existing Contracts are the basis for the termination. In that case, the Fund may nonetheless elect to continue to make Fund shares available for Existing Contracts and if it so elects, shall promptly notify the Company whether the Fund is electing to make Fund shares available after termination.
Termination of the Fund. The actual or constructive termination of the Fund may have important tax consequences to the Investors. All Investors would recognize their distributive shares of Fund income, gain, expense, loss, deduction or credit accrued during the Fund's taxable year up until the date of termination whether or not any such items are distributed. Similarly, the Investors must account for their distributive shares of gains or losses realized from the sale or other disposition of Fund assets in liquidation of the Fund. The Code provides that if 50% or more of the capital and profit interests in a Fund are sold or exchanged within a single twelve-month period, the Fund will terminate for tax purposes. If such a termination occurs, the assets of the Fund will be deemed constructively distributed pro rata to the Shareholders and then recontributed by them to a new (for tax purposes) partnership. Upon the distribution of Fund assets incident to the termination of the Fund, an Investor will recognize gain to the extent that money distributed to the Investor plus the pro rata amount, if any, of liabilities discharged exceeds the adjusted basis of his or her Shares immediately before the distribution. Assuming that an Investor's interest in the Fund is a capital asset, such gain will be capital gain unless Section 751 applies. Section 751 provides generally that a partner's gain on liquidation of a Fund will be treated as ordinary income to the extent that the partner receives or is deemed to receive less than the partner's pro rata share of certain ordinary income assets, including unrealized receivables and potential recapture of depreciation, depletion and intangible drilling costs. No loss will be recognized by an Investor on the distribution to the Investor of Fund property upon the termination of the Fund unless the only such property distributed is money, unrealized receivables and inventory. For these purposes, "money" includes marketable securities.
Termination of the Fund. Upon the termination of the Fund, all assets of the Fund will be applied and distributed in proportion to the respective Capital Accounts (§ 6.4) of the Partners. The Fund shall be terminated as rapidly as business circumstances will permit. At the direction of the General Partner (§ 3.1) (the "Terminating Partner"), a full accounting of the assets and liabilities of the Fund shall be taken and a statement of the Fund Assets and a statement of each Partner's Capital Account shall be furnished to all Partners as soon as reasonably practicable. The Terminating Partner shall take such action as is necessary so that the Fund's business shall be terminated, its liabilities discharged and its assets distributed as hereinafter described. The Terminating Partner may sell all of the Fund Assets or distribute the Fund Assets in kind; provided, however, that the Terminating Partner shall ascertain the fair market value by appraisal or other reasonable means of all Fund Assets remaining unsold and each Partner's Capital Account shall be charged or credited, as the case may be, as if such Fund Assets had been sold at such fair market value and the income, gains, losses, deductions and credits realized thereby had been allocated to the Partners in accordance with Article 6 “Accounting”. A reasonable period of time shall be allowed for the orderly termination of the Fund to minimize the normal losses of a liquidation process. In the event that the Fund is terminated on a date other than the last day of the month, the date of such termination shall be deemed to be the last day of the month for purposes of adjusting the Capital Accounts of the Partners pursuant to Section § 6.4. After the payment of all expenses of liquidation and of all debts and liabilities of the Fund in such order or priority as is required by law (including any debts or liabilities to Partners, who shall be treated as secured or unsecured creditors, as the case may be, to the extent permitted by law, for sums loaned to the Fund, if any, as distinguished from Capital Contributions (§ 2.3) and after all resulting items of Fund income, gain, credit, loss, or deduction are credited or debited to the Capital Accounts of the Partners, all remaining Fund Assets shall then be distributed among the Partners in accordance with the positive balances of their respective Capital Accounts. Upon termination, a Partner may not demand and receive cash in return for such Partner's Capital Contributions and no Partner s...
Termination of the Fund. Any portion of the Fund (including the proceeds of any investments of the Fund) that remains unclaimed by the holders of Stock Certificates for 6 months after the Effective Time of the Merger shall be returned or repaid to the Surviving Corporation. Any holders of Stock Certificates who have not complied with this Section 1.4 before 6 months after the Effective Time of the Merger shall thereafter look only to the Surviving Corporation for the Merger Price multiplied by the holder's Larizza Common Shares, in each case without any interest on such consideration. If outstanding Stock Certificates are not surrendered or the payment for them not claimed before the date on which such consideration would otherwise escheat to or become the property of any governmental unit or agency, the unclaimed consideration shall, to the extent not prohibited by abandoned property or any other applicable law, become the property of the Surviving Corporation (and to the extent not in its possession shall be paid over to it), free and clear of all claims or interest of any person previously entitled to such claims. Notwithstanding the foregoing, none of Parent, Larizza, the Exchange Agent or any other person or entity shall be liable to any former holder of Larizza Common Shares for any amount delivered to a public official pursuant to applicable abandoned property, escheat or similar laws.
Termination of the Fund. The Fund shall continue so long as assets are available in the Fund and the purposes of the Fund can, in the opinion of the Board, be served by its continuation. If the Fund is terminated for either of the above reasons or in the event of the dissolution of the Community Foundation, the Community Foundation shall devote any remaining money and assets in the Fund exclusively for charitable purposes that are within the scope of the charitable purposes of the Community Foundation’s Articles of Incorporation, and most nearly approximate, in good faith opinion of the Board, the original purpose of the Fund.
Termination of the Fund. The General Partner may terminate the offering of limited partnership interests (“Units”), of the Fund in any jurisdiction, or may determine to terminate the Fund itself, at any time. Upon termination of the Fund, this Agreement may be terminated by the Fund upon seven (7) days prior written notice to the Advisor and, if this Agreement is so terminated, neither the Fund nor any of its officers, directors, agents or employees shall thereafter have any further obligation to the Advisor under this Agreement except to the extent that there may be advisory fees due to the Advisor prior to any such termination, duties of confidentiality and except for the requirements of the indemnification provisions set forth in Section 10 of this Agreement, and neither Advisor, nor any of Advisor’s directors, agents or employees, shall thereafter have any further obligation to the Fund, the General Partner or its officers under this Agreement.
Termination of the Fund. At any time, Valley View Teachers Association may elect to terminate the fund. Should Valley View Teachers Association elect to terminate the fund, it shall so inform the Board, and the amount of money then in the fund, if any, shall be contributed to the General Fund of the district unless the parties to this Negotiated Agreement agree otherwise.
Termination of the Fund. The Agency may request to terminate the fund and receive payment equal to the fund’s total value by submitting in writing a copy of a resolution authorizing such action approved by three- fourths (3/4) of the directors of the Agency’s board. Any such distribution shall be subject to the approval of the Foundation’s board of directors, and shall not be unreasonably withheld. In the event Monterey Peninsula Regional Park District ceases to exist, the Foundation will administer the fund that is consistent with the funding priorities established by the Monterey Peninsula Regional Park District. As a non-endowed fund, any portion of the fund is available for granting. It is understood that authorized distributions from the Fund will be made available for grant making to charitable organizations described in Section 501(c)(3) of the Internal Revenue Code for bona fide charitable activities. Such distributions shall be made in accordance with the Foundation's distribution policies, with a minimum of $500 per grant.
Termination of the Fund. The Fund may be terminated or wound up subject to a Special Resolution being passed at a Unit Holders’ meeting to terminate or wind up the Fund.
