Common use of Limitation of Powers and Duties Clause in Contracts

Limitation of Powers and Duties. The Trust is constituted solely for the purposes of acquiring and holding the CRB Certificates, issuing the Certificates, making distributions thereon and other activities incidental thereto. The Trustee is not authorized to acquire any other investments or engage in any activities not authorized herein and, in particular, the Trustee is not authorized (i) to sell, assign, transfer, exchange, pledge, set-off or otherwise dispose of any of the CRB Certificates or interests therein, including to Certificateholders (except upon termination of the Trust in accordance with Article VII or in accordance with Section 5.01), (ii) to do anything that would cause the Trust to fail or cease to qualify as a "grantor trust" for Federal income tax purposes or (iii) to do anything that would cause the assets of a Trust to be treated as "plan assets" as determined pursuant to the Plan Assets Regulation.

Appears in 2 contracts

Samples: Deposit Trust Agreement (Gs Mortgage Securities Corp), Deposit Trust Agreement (Goldman Sachs Asset Backed Securities Corp)

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Limitation of Powers and Duties. The Trust is ------------------------------- constituted solely for the purposes of acquiring and holding the CRB Certificates, issuing the Certificates, making distributions thereon and other activities incidental thereto. The Trustee is not authorized to acquire any other investments or engage in any activities not authorized herein and, in particular, the Trustee is not authorized (i) to sell, assign, transfer, exchange, pledge, set-off or otherwise dispose of any of the CRB Certificates or interests therein, including to Certificateholders (except upon termination of the Trust in accordance with Article VII or in accordance with Section 5.01), (ii) to do anything that would cause the Trust to fail or cease to qualify as a "grantor trust" for Federal income tax purposes or (iii) to do anything that would cause the assets of a Trust to be treated as "plan assets" as determined pursuant to the Plan Assets Regulation.

Appears in 1 contract

Samples: Trust Agreement (Asset Backed Securities Corp)

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Limitation of Powers and Duties. The Trust is constituted solely for the purposes of acquiring and holding the CRB Certificates, issuing the Certificates, making distributions thereon and other activities incidental thereto. The Trustee is not authorized to acquire any other investments or engage in any activities not authorized herein and, in particular, the Trustee is not authorized (i) to sell, assign, transfer, exchange, pledge, set-off setoff or otherwise dispose of any of the CRB Certificates or interests therein, including to Certificateholders (except upon termination of the Trust in accordance with Article VII or in accordance with Section 5.01), (ii) to do anything that would cause the Trust to fail or cease to qualify as a "grantor trust" for Federal income tax purposes or (iii) to do anything that would cause the assets of a Trust to be treated as "plan assets" as determined pursuant to the Plan Assets Regulation.

Appears in 1 contract

Samples: Trust Agreement (Ace Securities Corp)

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