A termination of trust agreement clause outlines the conditions under which a trust can be legally revoked or dissolved, detailing the responsibilities and duties of the trustee and beneficiaries during the termination process. It often specifies the distribution of the trust's assets and any necessary notifications or approvals required to execute the termination.
Termination of Trust Agreement for Acquisition of Treasury Shares Shinhan Financial Group(hereafter SFG) announced on September 9, 2019 that the trust agreement SFG had entered into on September 10, 2018 to acquire treasury shares has been terminated. Pursuant to Article 176-2 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act of Korea, no separate resolution of the board of directors is required as the trust agreement is being terminated upon the expiration of the term of the agreement. The number of treasury shares acquired upon termination of the trust agreement is 4,667,856, which will be kept in Shinhan Financial Group’s corporate account. Another trust agreement to acquire treasury shares that SFG announced on May 20, 2019 is in progress.
Termination of Trust Agreement for Acquisition of Treasury Shares Woori Financial Group Inc.(“Woori Financial Group”) announced on October 24, 2023 that the trust agreement it had entered into on April 24, 2023 to acquire treasury shares has been terminated upon the expiration of the term of the agreement on October 24, 2023.
Termination of Trust Agreement. The Underlying Trust shall dissolve upon the earlier of (i) the final sale or other liquidation of all the Contracts and (ii) the maturity of the last Contract and, in each case, the disposition of any amounts received upon liquidation of any property remaining in the Underlying Trust. To the extent permitted by applicable law, the bankruptcy, liquidation, or dissolution of the Settlor shall not (i) operate to terminate this Agreement or the Underlying Trust, nor (ii) otherwise affect the rights, obligations and liabilities of the parties hereto.
Termination of Trust Agreement. (a) The Trust may be dissolved at any time following six years after the Final Serial Redemption Proceeds are distributed to the Beneficiaries pursuant to Section 6.01(c) by the express approval of the Settlor, the Beneficiaries and the LPSC consistent with the Restoration Law. Notwithstanding any provisions of this Agreement, no termination, rescission, rehabilitation, liquidation, or dissolution of the Trust shall take effect as long as any of the LURC Bonds are outstanding. (b) The bankruptcy, liquidation, or dissolution of any Beneficiary shall not (i) operate to terminate this Agreement or the Trust, nor (ii) entitle such Beneficiary’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate, nor (iii) otherwise affect the rights, obligations, and liabilities of the parties hereto. (c) Except as provided in Section 9.01(a), none of the Settlor or any Beneficiary shall be entitled to revoke or terminate the Trust. (d) After the final distribution of any funds remaining in the Trust, the Trustee shall file a certificate of termination of the Trust’s trust agreement pursuant to Section 45:1335(F) of the Restoration Law in the conveyance records of East Baton Rouge Parish whereupon this Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect.
Termination of Trust Agreement. 1. Termination of Trust Agreement. (a) The Trust shall dissolve upon the final distribution by the Trustee of all monies or other property or proceeds of the Trust Estate in accordance with the Indenture, the Sale and Servicing Agreement and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not: (x) operate to dissolve or terminate this Agreement or the Trust, (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (b) Except as provided in Section 1(a), neither the Depositor nor any Certificateholder shall be entitled to dissolve, revoke or terminate the Trust; provided however, for the sake of clarity, no action is necessary by the Depositor, the Certificateholder or any other Person as a prerequisite for a dissolution under Section 1(a) to occur. (c) Notice of any anticipated dissolution of the Trust, specifying the Payment Date upon which the Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given promptly by the Trustee by letter to Certificateholders mailed within five Business Days of receipt of notice of such anticipated dissolution from the Servicer given pursuant to Section 9.1(c) of the Sale and Servicing Agreement, and such notice from the Trustee shall state: (i) the Payment Date upon which final payment of the Trust Certificates shall be made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein specified. The Trustee shall give such notice to the Certificate Registrar (if other than the Trustee) and the Paying Agent at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date pursuant to Section 5.2. In the event that all of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Trustee shall give a second written notice to the remaining Certificateholders to surrender their Trust Certificates for cancellation and to receive the final distribution with respect thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Trustee to the Depositor. (d) Upon the dissolution of the Trust and the payment of all liabilities of the Trust in accordance with applicable law, the Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 (or successor section) of the Trust Statute, at which time the Trust and this Agreement (other than Article VIII) shall terminate.
Termination of Trust Agreement and Issuer. The Issuer will dissolve, on the later to occur of (i) the final distribution by the Owner Trustee of all Trust Property according to the Indenture, the Servicing Agreement, the Servicing Supplement and Article IV and (ii) the satisfaction and discharge of the Indenture under Article IV of the Indenture. An Insolvency Event, liquidation or dissolution of the Depositor will not (A) operate to terminate this Agreement or the Issuer, (B) allow the Depositor’s legal representatives to claim an accounting or to start an action or proceeding in court for a partition or winding up of the Issuer or the Trust Property or (C) affect the rights, powers, obligations and liabilities of the parties to this Agreement. On dissolution of the Issuer, the Owner Trustee, at the direction of the Administrator, will wind up the activities and affairs of the Issuer as required by Section 3808 of the Delaware Statutory Trust Act.
Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement shall terminate (other than provisions hereof which by their terms survive termination), upon the later of (a) the final distribution by the Issuer of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Origination Trust Documents and Article V and (b) the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificate holder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the Certificate holder’s legal representatives or heirs to claim an accounting or to take any action or Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
TERMINATION OF TRUST AGREEMENT. 1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this Agreement shall terminate (other than provisions hereof which by their terms survive termination), upon the later of (a) the final distribution by the Issuer of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Origination Trust Documents and Article V and (b) the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the Certificate holder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the Certificate holder’s legal representatives or heirs to claim an accounting or to take any action or Proceeding in any court for a partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and upon the written direction and expense of the Certificateholder, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than provisions hereof which by their terms survive termination) shall be of no further force or effect.
A Termination of Trust Agreement is a legal document that outlines the end of an active trust agreement between the involved parties. It effectively dissolves the trust’s legal existence, typically in situations where the trust’s objectives have been fulfilled, the trust’s term has expired, or all beneficiaries and trustees agree to terminate it. This document details how the trust’s assets are to be distributed or managed following the termination.
A Termination of Trust Agreement should be used in the following scenarios:
To write a Termination of Trust Agreement effectively, include these critical elements:
Example:
Termination of Trust Agreement
This agreement, made on [Date], between [Trustee’s Name] and [Beneficiary’s Name], hereby terminates the trust known as [Trust Name]…
Upon termination, remaining assets shall be distributed as follows…
Termination clauses or procedures are often incorporated in the following contracts or agreements:
By using a well-structured Termination of Trust Agreement, all parties can ensure a clear, legal conclusion of a trust arrangement.
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
"Termination with cause" refers to a contract provision that allows one party to end the agreement if the other party engages in specific misconduct or breaches the contract's terms. This clause typically outlines what constitutes "cause," such as failure to meet obligations, illegal activity, or unethical behavior.
A "Termination without cause" clause allows a company to terminate an employee's contract without needing to provide a specific reason. Typically, this clause requires the company to provide advance notice or compensation, such as severance pay, to the departing employee.
A "termination without cause" clause allows either party to end the contract without providing a specific reason, usually following a notice period. This provision offers flexibility but requires adherence to any stipulated notice or compensation requirements outlined in the agreement.
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