Events Requiring Dissolution of the Trust Sample Clauses
The 'Events Requiring Dissolution of the Trust' clause defines the specific circumstances under which a trust must be terminated and its assets distributed. This clause typically outlines events such as the expiration of a set term, fulfillment of the trust's purpose, or the occurrence of certain conditions like the death of a beneficiary. By clearly identifying these triggering events, the clause ensures that all parties understand when the trust will end, thereby providing certainty and preventing disputes over the trust's duration or the timing of asset distribution.
Events Requiring Dissolution of the Trust. The Trust shall dissolve at any time upon the happening of any of the following events:
(a) The filing of a certificate of dissolution or revocation of the Managing Owner’s charter (and the expiration of ninety (90) days after the date of notice to the Managing Owner of revocation without a reinstatement of its charter) or upon the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Managing Owner (each of the foregoing events an “Event of Withdrawal”) unless (i) at the time there is at least one remaining Managing Owner and that remaining Managing Owner carries on the business of the Trust or (ii) within ninety (90) days of such Event of Withdrawal all the remaining Unitholders agree in writing to continue the business of the Trust and to select, effective as of the date of such event, one or more successor Managing Owners. If the Trust is dissolved as the result of an Event of Withdrawal and a failure of all remaining Unitholders to continue the business of the Trust and to appoint a successor Managing Owner as provided in clause (a)(ii) above, within one hundred and twenty (120) days of such Event of Withdrawal, Limited Owners holding Units representing at least a majority (over 50%) of the Net Asset Value (not including Units held by the Managing Owner and its Affiliates) may elect to continue the business of the Trust by forming a new statutory trust (the “Reconstituted Trust”) on the same terms and provisions as set forth in this Trust Agreement (whereupon the parties hereto shall execute and deliver any documents or instruments as may be necessary to reform the Trust). Any such election must also provide for the election of a Managing Owner to the Reconstituted Trust. If such an election is made, all Limited Owners of the Trust shall be bound thereby and continue as Limited Owners of the Reconstituted Trust.
(b) The occurrence of any event which would make unlawful the continued existence of the Trust.
(c) In the event of the suspension, revocation or termination of the Managing Owner’s registration as a commodity pool operator and/or commodity trading advisor, as applicable, under the CE Act, or membership with the NFA (if, in either case, such registration is required under the CE Act or the rules promulgated thereunder) unless at the time there is at least one remaining Managing Owner whose registration or membership has not been suspended, revoked or terminated.
(d) The Trust becomes insolvent or bankrupt.
(e) The L...
Events Requiring Dissolution of the Trust. (a) The Trust shall dissolve at any time upon the happening of any of the following events:
(i) a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate its bitcoins or seizes, impounds or otherwise restricts access to the Trust Property;
(ii) any ongoing event exists that either prevents the Trust from making or makes impractical the Trust’s reasonable efforts to make a fair determination of the price of bitcoin for purposes of determining the net asset value of the Trust;
(iii) any ongoing event exists that either prevents the Trust from converting or makes impractical the Trust’s reasonable efforts to convert bitcoins to U.S. Dollars; or
(iv) a certificate of dissolution or revocation of the Sponsor’s charter is filed (and ninety (90) days have passed after the date of notice to the Sponsor of revocation without a reinstatement of the Sponsor’s charter) or the withdrawal, removal, adjudication or admission of bankruptcy or insolvency of the Sponsor (each of the foregoing events an “Event of Withdrawal”) has occurred unless (i) at the time there is at least one remaining Sponsor or (ii) within ninety (90) days of such Event of Withdrawal, the Trustee agrees in writing to continue the affairs of the Trust and to select, effective as of the date of such event, one or more successor Sponsors.
(b) The Sponsor may, in its sole discretion, dissolve the Trust if any of the following events occur:
(i) the Shares are delisted from the Exchange and are not approved for listing on another national securities exchange within five Business Days of their delisting;
(ii) the SEC determines that the Trust is an investment company required to be registered under the Investment Company Act of 1940;
(iii) the CFTC determines that the Trust is a commodity pool under the Commodity Exchange Act;
(iv) the Trust is determined to be a “money service business” under the regulations promulgated by FinCEN under the authority of the U.S. Bank Secrecy Act and is required to comply with certain FinCEN regulations thereunder;
(v) the Trust is required to obtain a license or make a registration under any state law regulating money transmitters, money services businesses, providers of prepaid or stored value or similar entities, or virtual currency businesses;
(vi) the Trust becomes insolvent or bankrupt;
(vii) the Bitcoin Custodian, cash custodian or prime broker resigns or is removed without replacement;
(viii) all of the Trust’s bitcoins are s...
Events Requiring Dissolution of the Trust. (a) The Trust shall dissolve at any time upon the happening of any of the following events:
(i) a U.S. federal or state regulator requires the Trust to shut down or forces the Trust to liquidate its bitcoin or seizes, impounds or otherwise restricts access to the Trust Estate;
(ii) any ongoing event exists that either prevents the Trust from converting or makes impractical the Trust’s reasonable efforts to convert bitcoin to U.S. Dollars;
Events Requiring Dissolution of the Trust. The Trust shall dissolve at any time upon the happening of any of the following events: