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whole or in part, could be made only upon the consent of a
majority in interest of the unit holders.
With respect to distributions, the trust agreements
specified that “Net Cash Flow shall be distributed by the Trustee
on or before the last day of each calendar quarter”. “Net Cash
Flow” was defined as gross cash receipts, less amounts paid by or
for the account of the trust, less “any amounts determined by the
Trustee, in his discretion, to be necessary to provide a
reasonable reserve for working-capital needs or to provide funds
for any other contingencies of the Trust.” The distributions
were to be made in accordance with the proportionate interests of
the unit holders in the entity.
The agreements prohibited the sale, transfer, assignment,
pledge, encumbrance, mortgage, or other hypothecation of any unit
holder’s interest, as well as withdrawal by a unit holder from
the trust, without the consent of all unit holders. The stated
term of the trusts was to extend until December 31, 2048, but the
agreements provided that the term could be extended beyond that
date with the written approval before December 31, 2048, of both
the trustee and a majority in interest of the unit holders, or
the trusts could be dissolved prior to that date upon the written
consent of all unit holders. Upon dissolution and termination,
the trusts were to be liquidated. Proceeds of the liquidation
were to be disposed of first in payment to creditors of the
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