Common use of Distribution Limited to Ascertainable Standard Clause in Contracts

Distribution Limited to Ascertainable Standard. Anything in this Trust Agreement to the contrary notwithstanding, the general discretionary powers of the Trustee, other than the Settlor if the Settlor is serving as Trustee, shall be limited so that (i) no Trustee with a beneficial interest in Trust income or principal (hereinafter “interested Trustee”) shall participate in any decision regarding a discretionary distribution to that Trustee personally or to any other beneficiary, except to the extent governed by and made pursuant to a standard under this Trust Agreement which constitutes an ascertainable standard within the meaning of Sections 2041 and 2514 of the Internal Revenue Code of 1986, as from time to time amended, and

Appears in 4 contracts

Samples: Revocable Trust Agreement, Revocable Trust Agreement, Revocable Trust Agreement

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