Common use of Declaration and Purpose Clause in Contracts

Declaration and Purpose. (a) Certificate Trustee hereby ----------------------- declares, undertakes and agrees that it will and does receive, take and hold all estate, right, title and interest of Certificate Trustee in and to the Trust Estate for the use and benefit of the Certificate Purchasers. (b) The purpose of the Trust is to hold title to the Equipment and the remainder of the Trust Estate for the benefit of the Certificate Purchasers and to engage in activities ancillary and incidental thereto as set forth in the Operative Documents. Except in connection with the foregoing, Certificate Trustee in its capacity as Trustee shall not (i) engage in any business or activity, (ii) have any property, rights or interest, whether real or personal, tangible or intangible, (iii) incur any legal liability or obligation, whether fixed or contingent, matured or unmatured, other than in the normal course of the administration of the Trust or (iv) subject any of the Trust Estate to any mortgage, lien, security interest or other claim or encumbrance, other than in favor of Administrative Agent and the Lenders pursuant to the provisions of the Loan Documents. THE TRUST IS NOT A BUSINESS TRUST. THE SOLE PURPOSE OF THE TRUST IS TO ACQUIRE AND HOLD TITLE TO THE EQUIPMENT AND TO COLLECT AND CONSERVE THE VALUE THEREOF AND OF THE REMAINDER OF THE TRUST ESTATE, SUBJECT TO THE RIGHTS OF ADMINISTRATIVE AGENT, LENDERS AND LESSEE, FOR THE BENEFIT OF THE CERTIFICATE PURCHASERS. CERTIFICATE TRUSTEE MAY NOT TRANSACT BUSINESS OF ANY KIND WITH RESPECT TO THE TRUST ESTATE NOR SHALL THIS TRUST AGREEMENT BE DEEMED TO BE, OR CREATE OR EVIDENCE THE EXISTENCE OF, A CORPORATION DE FACTO OR DE JURE, OR A MASSACHUSETTS TRUST, OR ANY OTHER TYPE OF BUSINESS TRUST, ASSOCIATION OR JOINT VENTURE BETWEEN OR AMONG CERTIFICATE TRUSTEE, THE CERTIFICATE PURCHASERS, ADMINISTRATIVE AGENT AND THE LENDERS.

Appears in 3 contracts

Samples: Participation Agreement (Electric Lightwave Inc), Participation Agreement (Electric Lightwave Inc), Participation Agreement (Electric Lightwave Inc)

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Declaration and Purpose. (a) Certificate Trustee hereby ----------------------- declares, undertakes and agrees that it will and does receive, take and hold all estate, right, title and interest of Certificate the Trustee in and to the "Trust Estate Estate" (as defined below) for the Trust, in trust for the use and benefit of the Certificate PurchasersGrantors, subject to the terms hereof and of the Operative Documents. (b) The purpose of the Trust is to acquire and hold title to certain Leased Property identified in Bills of Sale and Improvement Deeds made by Grantors in favor of Trustor as donations into the Equipment Trust Estate, including leasehold interests in one or more Facility Sites and Facility F,F&E to be located on such Facility Sites, as and when the same become subject to the Master Lease and one or more Lease Supplements relating thereto (such documents being collectively, herein, the "Facility Lease" with respect to a particular Facility), as collateral security for the obligations of the Trustee under the Loan Agreement, to discharge such obligations in accordance with the provisions of the Loan Agreement and the remainder of the Trust Estate for the benefit of the Certificate Purchasers other Operative Documents and to engage in activities ancillary and incidental thereto as set forth in the Operative Documents. Except in connection with the foregoing, Certificate the Trustee in its capacity as Trustee trustee shall not (i) engage in any business or activity, (ii) have any property, rights or interest, whether real or personal, tangible or intangible, (iii) incur any legal liability or obligation, whether fixed or contingent, matured or unmatured, other than in the normal course of the administration of the Trust or (iv) subject any part of the corresponding Trust Estate to any mortgage, lien, security interest or other claim or encumbrance, other than in favor of the Administrative Agent and the Lenders pursuant to the provisions of the Loan Operative Documents. THE TRUST IS NOT A BUSINESS TRUST. THE SOLE PURPOSE OF THE TRUST IS TO ACQUIRE AND HOLD TITLE TO THE EQUIPMENT LEASED PROPERTY SUBJECT TO A FACILITY LEASE AND TO COLLECT AND CONSERVE THE VALUE THEREOF AND OF THE REMAINDER OF THE TRUST ESTATE, SUBJECT TO THE RIGHTS OF THE ADMINISTRATIVE AGENT, LENDERS AGENT AND LESSEETHE GRANTOR THEREOF, FOR THE BENEFIT OF THE CERTIFICATE PURCHASERSLENDERS. CERTIFICATE THE TRUSTEE MAY NOT TRANSACT BUSINESS OF ANY KIND WITH RESPECT TO THE TRUST ESTATE NOR SHALL THIS TRUST AGREEMENT BE DEEMED TO BE, OR CREATE OR EVIDENCE THE EXISTENCE OF, OF A CORPORATION DE FACTO OR DE JURE, OR A MASSACHUSETTS TRUST, OR ANY OTHER TYPE OF BUSINESS TRUST, ASSOCIATION OR JOINT VENTURE BETWEEN OR AMONG CERTIFICATE THE TRUSTEE, THE CERTIFICATE PURCHASERS, ADMINISTRATIVE AGENT AND THE LENDERS.

Appears in 1 contract

Samples: Trust Agreement (Grand Casinos Inc)

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