Common use of Limitation on Direction by Holders Clause in Contracts

Limitation on Direction by Holders. A Holder will not direct the Titling Trust Administrator or either Trustee to take any action that: (i) is inconsistent with any of the Permitted Transactions; (ii) would result in the Titling Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in Section 2.9; or (iii) is otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust Document.

Limitation on Direction by Holders. A Holder will not direct the Titling Trust Administrator or either the Trustee to take any action that: (i) is inconsistent with any of the Permitted Transactions; (ii) would result in the Titling Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in Section 2.9; or (iii) is otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust DocumentApplicable Law.

Limitation on Direction by Holders. A Holder will not direct the Titling Trust Administrator or either the Trustee to take any action that: (i) is inconsistent with any of the Permitted Transactions; (ii) would result in the Titling Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in Section 2.9; or (iii) is otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust DocumentAgreement.