Trust Termination: The only asset of Whiting USA Trust II (the "Trust") is the net profits interest ("NPI"), other than cash reserves held for future Trust expenses. The Trust derives substantially all of its income and cash flows from the NPI. The NPI entitles the Trust to receive 90% of the net proceeds from the sale of production from certain oil and gas properties until the NPI terminates on December 31, 2021. After the NPI termination date of December 31, 2021, it is anticipated that the trustee of the Trust will make a final quarterly cash distribution, if any, no later than March 1, 2022, to the Trust unitholders of record on the 50th day following December 31, 2021, and the Trust will wind up its affairs and terminate. After the termination of the Trust, it will pay no further distributions.
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