Common use of Distribution on Termination Clause in Contracts

Distribution on Termination. Upon the termination of the trust by reason of any of the events specified in Sections 4.3, 4.4, or 4.5, the Trustees shall proceed as promptly as possi- ble to convert the Trust Estate into cash or other property and the Trustees shall distribute to the Certifi- ▇▇▇▇▇ Holders, pro rata according to the number of Units outstanding at the date fixed by the Trustees for distribution, the net proceeds (the “net proceeds” means the total cash or other property received as a re- ▇▇▇▇ of the conversion of the Trust Estate to cash or such other property less (i) expenses of such conver- sion, (ii) liabilities hereunder and (iii) such reserve as the Trustees deem necessary to establish to meet liabilities hereunder), provided, however, that if the Trustees determine that it will be in the best interests of the Certificate Holders not to convert part or all of the Trust Estate into cash or other property, the Trust Estate not so converted shall be distributed in kind to the Certificate Holders, pro rata according to the number of Units outstanding at the date of distribution. Each distribution of cash hereunder shall be made by mailing checks to the Certificate Holders of record at the close of business on the date fixed by the Trustees for such distribution at their addresses as shown by the register maintained by the Trustees. Each distribution of other property and distribution in kind may be made by mailing appropriate instru- ments of title to the Certificate Holders of record at the close of business on the date fixed by the Trustees for such distribution at their addresses as shown by the register maintained by the Trustees. Notwith- standing the foregoing, in the event that at the time of any termination and distribution contemplated in this Section 4.7, there then remain outstanding shares of the Company not yet presented for conversion into Units pursuant to the provisions of Section 3.10, the Trustees shall set apart an amount equal to the aggregate distributions which would be required if all of such shares were so converted into Units on the day prior to the first such termination distribution, which such amounts set apart shall be disbursed, dis- tributed, or retained in the manner provided by order of a court of competent jurisdiction of the State of Delaware to which application shall duly and promptly be made by the Trustees. Effective July 1, 2005, the Trust is no longer required to set aside any amount for claims by the Unlocated Stockholders upon termination of the Trust and any amounts remaining at the same time of termination of the Trust may be disbursed or distributed as if the shares of the Unlocated Stockholders had never ex- isted. [As deemed amended by order of the Delaware Court of Chancery on February 26, 1996]