Trustee Termination Events Clause Samples

The 'Trustee Termination Events' clause defines the specific circumstances under which a trustee's role in a trust or agreement may be ended. Typically, this clause outlines events such as breach of duty, insolvency, incapacity, or resignation that would trigger the trustee's removal. For example, if a trustee fails to perform their obligations or becomes legally unable to act, the clause provides a clear process for their termination. Its core function is to ensure the trust or agreement can continue to operate effectively by allowing for the timely replacement of a trustee when necessary, thereby protecting the interests of beneficiaries and other parties involved.
Trustee Termination Events. Any one of the following events shall constitute a Trustee Termination Event (a "Trustee Termination Event"): (a) to the extent that any Quarterly Distribution is received by the Up-MACRO Tradeable Trust on its Up-MACRO Holding Shares, a failure by the Trustee to pass through such Quarterly Distribution, which failure continues unremedied for a period of five (5) or more Business Days; (b) to the extent that any Final Distribution is received by the Up-MACRO Tradeable Trust on its Up-MACRO Holding Shares, a failure by the Trustee to pass through such Final Distribution, which failure continues unremedied for a period of five (5) or more Business Days; (c) any failure by the Trustee to observe or perform in any material respect any of its other covenants or obligations hereunder, which failure continues unremedied for thirty (30) days after the giving of written notice of such failure to the Trustee by the Depositor or by not less than 25% of the Holders, voting by par amount; (d) the Trustee becomes ineligible or incapable of acting as Trustee hereunder; (e) the occurrence of a Trustee Termination Event under the Up-MACRO Holding Trust Agreement, pursuant to the terms of the Up-MACRO Holding Trust Agreement;
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Trustee Termination Events. 74 Section 12.2
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Trustee Termination Events. Any one of the following events shall constitute a Trustee Termination Event (a "Trustee Termination Event"): (a) to the extent that funds are available in the Down-MACRO Holding Trust to make any Quarterly Distribution, any failure by the Trustee to make such Quarterly Distribution in the amount determined in accordance with the calculations required to be made pursuant to ARTICLE 4 hereof, which failure continues unremedied for a period of five (5) or more Business Days; (b) any failure by the Trustee to distribute the proceeds of all of the Trust Assets on the Final Scheduled Termination Date, which failure continues unremedied for a period of five (5) or more Business Days; (c) to the extent that funds are available in the Down-MACRO Holding Trust, any failure by the Trustee to make any payment required to be made under the Income Distribution Agreement or the Settlement Contracts, which failure continues unremedied for a period of five (5) or more Business Days; (d) any failure by the Trustee to observe or perform in any material respect any of its other covenants or obligations hereunder, which failure continues unremedied for thirty (30) days after the giving of written notice of such failure to the Trustee by the Depositor or by not less than 25% of the Holders, voting by par amount; (e) the Trustee becomes ineligible or incapable of acting as Trustee hereunder; (f) the occurrence of a Trustee Termination Event under the Up-MACRO Holding Trust Agreement, pursuant to the terms of the Up-MACRO Holding Trust Agreement; (g) the occurrence of a Trustee Termination Event under the Down-MACRO Tradeable Trust Agreement, pursuant to the terms of the Down-MACRO Tradeable Trust Agreement; or (h) the occurrence of a Trustee Termination Event under the Up-MACRO Tradeable Trust Agreement, pursuant to the terms of the Up-MACRO Tradeable Trust Agreement.
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Trustee Termination Events. Section 12.1
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Trustee Termination Events. Any one of the following events shall constitute a Trustee Termination Event (a "Trustee Termination Event"): (a) to the extent that funds are available in the Down-MACRO Holding Trust to make any Quarterly Distribution, any failure by the Trustee to make such Quarterly Distribution in the amount determined in accordance with the calculations required to be made hereunder, which failure continues unremedied for a period of two (2) or more Business Days; (b) any failure by the Trustee to distribute the proceeds of all of the Trust Assets on the Final Scheduled Termination Date, which failure continues unremedied for a period of two (2) or more Business Days; (c) to the extent that funds are available in the Down-MACRO Holding Trust, any failure by the Trustee to make any payment required to be made under the Income Distribution Agreement or the Settlement Contracts;
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Trustee Termination Events. Section 12.1 Trustee Termination Events 76 Section 12.2 Force Majeure 77 Section 12.3 Notification to Holders of the Down MacroShares 77 Section 13.1 Duties of Trustee 78 Section 13.2 Rights of the Trustee 79 Section 13.3 Trustee Not Liable for Recitals in Down MacroShares 80 Section 13.4 Holders May Direct Trustee 80 Section 13.5 Compensation 81 Section 13.6 Indemnification 81 Section 13.7 Eligibility Requirements 81 Section 13.8 Resignation or Removal of Trustee 82 Section 13.9 Successor Trustee 83 Section 13.10 Merger or Consolidation 83 Section 13.11 Appointment of Co-Trustee or Separate Trustee 84 Section 13.12 Books, Records; Taxes; Audit 85
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Trustee Termination Events. Any one of the following events shall constitute a Trustee Termination Event (a "Trustee Termination Event"): (a) to the extent that any Quarterly Distribution is received by the Down-MACRO Tradeable Trust on its Down-MACRO Holding Shares, a failure by the Trustee to pass through such Quarterly Distribution, which failure continues unremedied for a period of five (5) or more Business Days; (b) to the extent that any Final Distribution is received by the Down-MACRO Tradeable Trust on its Down-MACRO Holding Shares, a failure by the Trustee to pass through such Final Distribution, which failure continues unremedied for a period of five (5) or more Business Days; (c) any failure by the Trustee to observe or perform in any material respect any of its other covenants or obligations hereunder, which failure continues unremedied for thirty (30) days after the giving of written notice of such failure to the Trustee by the Depositor or by not less than 25% of the Holders, voting by par amount;
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Trustee Termination Events. Section 12.1 Trustee Termination Events 72 Section 12.2 Force Majeure 73 Section 12.3 Notification to Holders of the Up MacroShares 73 ARTICLE 13 THE TRUSTEE Section 13.1 Duties of Trustee 74 Section 13.2 Rights of the Trustee 75
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Trustee Termination Events. 18 6.02 Limitations on Suits by Certificateholders............................
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Related to Trustee Termination Events

  • Servicer Termination Events For purposes of this Agreement, the occurrence and continuance of any of the following shall constitute a “Servicer Termination Event”: (a) Any failure by the Servicer to deposit into any Account any proceeds or payment required to be so delivered or to direct the Indenture Trustee to make the required payment from any Account under the terms of this Agreement that continues unremedied for a period of five Business days after written notice is received by the Servicer or after discovery of such failure by a Responsible Officer of the Servicer; (b) Failure on the part of the Servicer duly to observe or perform, in any material respect, any covenants or agreements of the Servicer set forth in this Agreement, which failure (i) materially and adversely affects the rights of the Securityholders and (ii) continues unremedied for a period of 60 days after discovery of such failure by a Responsible Officer of the Servicer or after the date on which written notice of such failure requiring the same to be remedied shall have been given to the Servicer by any of the Owner Trustee, the Indenture Trustee or Noteholders evidencing not less than 50% of the Outstanding Amount of the Controlling Class of Notes; (c) If any representation or warranty of the Servicer, in its capacity as Servicer, made in this Agreement shall prove to be incorrect in any material respect as of the time when the same shall have been made and the incorrectness of such representation or warranty has a material adverse effect on the Issuer or the Noteholders and such failure continues unremedied for 90 days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or the Noteholders representing not less than 50% of the Outstanding Amounts of the Notes; or (d) The occurrence of an Insolvency Event with respect to the Servicer; provided, however, that a delay or failure of performance referred to under clause (a) above for a period of 10 days or clause (b) or (c) above for a period of 30 days will not constitute a Servicer Termination Event if such delay or failure was caused by force majeure or other similar occurrence.

  • Servicer Termination Event For purposes of this Agreement, each of the following shall constitute a “Servicer Termination Event”:

  • Termination Events If the Early Termination Date results from a Termination Event:—

  • Other Termination Events Subject to Section 6.4(b), this Agreement shall terminate with respect to all Parties upon the earliest to occur of (a) a written agreement among the Parties to terminate this Agreement, (b) the Closing and (c) the delivery of a written notice from the Majority Initial Consortium Members.

  • Additional Termination Events (i) Notwithstanding anything to the contrary in this Confirmation, upon any Early Conversion in respect of which a Notice of Conversion that is effective as to Counterparty has been delivered by the relevant converting Holder: (A) Counterparty shall, within one Scheduled Trading Day of the Conversion Date for such Early Conversion, provide written notice (an “Early Conversion Notice”) to Dealer specifying the number of Convertible Notes surrendered for conversion on such Conversion Date (such Convertible Notes, the “Affected Convertible Notes”), and the giving of such Early Conversion Notice shall constitute an Additional Termination Event as provided in this clause (i); (B) upon receipt of any such Early Conversion Notice, Dealer shall designate an Exchange Business Day as an Early Termination Date (which Exchange Business Day shall be no earlier than one Scheduled Trading Day following the Conversion Date for such Early Conversion) with respect to the portion of the Transaction corresponding to a number of Options (the “Affected Number of Options”) equal to the lesser of (x) the number of Affected Convertible Notes and (y) the Number of Options as of the Conversion Date for such Early Conversion; (C) any payment hereunder with respect to such termination shall be calculated pursuant to Section 6 of the Agreement as if (x) an Early Termination Date had been designated in respect of a Transaction having terms identical to the Transaction and a Number of Options equal to the Affected Number of Options, (y) Counterparty were the sole Affected Party with respect to such Additional Termination Event and (z) the terminated portion of the Transaction were the sole Affected Transaction; provided that the amount payable with respect to such termination shall not be greater than (1) the Applicable Percentage multiplied by (2) the Affected Number of Options, multiplied by (3) (x) the sum of (i) the amount of cash paid (if any) and (ii) the number of Shares delivered (if any) to the Holder (as such term is defined in the Indenture) of an Affected Convertible Note upon conversion of such Affected Convertible Note, multiplied by the Applicable Limit Price, minus (y) USD 1,000; (D) for the avoidance of doubt, in determining the amount payable in respect of such Affected Transaction pursuant to Section 6 of the Agreement, the Calculation Agent shall assume that (x) the relevant Early Conversion and any conversions, adjustments, agreements, payments, deliveries or acquisitions by or on behalf of Counterparty leading thereto had not occurred, (y) no adjustments to the Conversion Rate have occurred pursuant to any Excluded Provision and (z) the corresponding Convertible Notes remain outstanding; and (E) the Transaction shall remain in full force and effect, except that, as of the Conversion Date for such Early Conversion, the Number of Options shall be reduced by the Affected Number of Options. (ii) Notwithstanding anything to the contrary in this Confirmation if an event of default with respect to Counterparty occurs under the terms of the Convertible Notes as set forth in Section 6.01 of the Indenture, then such event of default shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. (iii) Notwithstanding anything to the contrary in this Confirmation, the occurrence of an Amendment Event shall constitute an Additional Termination Event applicable to the Transaction and, with respect to such Additional Termination Event, (A) Counterparty shall be deemed to be the sole Affected Party, (B) the Transaction shall be the sole Affected Transaction and (C) Dealer shall be the party entitled to designate an Early Termination Date pursuant to Section 6(b) of the Agreement. “Amendment Event” means that Counterparty amends, modifies, supplements, waives or obtains a waiver in respect of any term of the Indenture or the Convertible Notes governing the principal amount, coupon, maturity, repurchase obligation of Counterparty, any term relating to conversion of the Convertible Notes (including changes to the conversion rate, conversion rate adjustment provisions, conversion settlement dates or conversion conditions), or any term that would require consent of the holders of not less than 100% of the principal amount of the Convertible Notes to amend (other than, in each case, any amendment or supplement (x) pursuant to Section 10.01(h) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the description of Convertible Notes in the Offering Memorandum or (y) pursuant to Section 14.07 of the Indenture), in each case, without the consent of Dealer.