Common use of Limitations on Trustees Clause in Contracts

Limitations on Trustees. The Trustees shall not at any time, on behalf of the Trust or Beneficiaries, enter into or engage in any trade or business, and no part of the Trust Assets shall be used or disposed of by the Trustees in furtherance of any trade or business. The Trustees shall be restricted to the holding and collection of the Trust Assets and the payment and distribution thereof for the purposes set forth in this Agreement and to the conservation and protection of the Trust Assets and the administration thereof in accordance with the provisions of this Agreement. In no event shall the Trustees take any action which would jeopardize the status of the Trust as a "liquidating trust" for federal income tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d). This limitation shall apply regardless of whether the conduct of any such trade or business is deemed by the Trustees to be necessary or proper for the conservation and protection of the Trust Assets. The Trustees shall not invest any of the funds held as Trust Assets, except that the Trustees may invest any portion of the Trust Assets in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof; (ii) money market deposit accounts, checking accounts, savings accounts, or certificates of deposit, or other time deposit accounts which mature not later than one year from the date of acquisition thereof which are issued by a commercial bank or savings institution organized under the laws of the United States of America or any state thereof; or (iii) any other investments which may be determined by the Trustees to be permissible under Revenue Procedure 82-58, as the same may be amended, supplemented or modified.

Limitations on Trustees. The Trustees shall not at any time, on behalf of the Trust or Beneficiaries, enter into or engage in any trade or business, and no part of the Trust Assets shall be used or disposed of by the Trustees in furtherance of any trade or business, except to the extent that both (a) the business was engaged in by the Trust Subsidiaries immediately prior to the Record Date, and (b) the continuing conduct of the business activities is reasonably necessary to conserve or maintain the Trust Assets and to facilitate the expeditious liquidation of the Trust Assets. The Trustees shall be restricted to the holding and collection of the Trust Assets and the payment and distribution thereof for the purposes set forth in this Agreement and to the conservation and protection of the Trust Assets and the administration administration, collection and distribution thereof in accordance with the provisions of this Agreement. In no event shall the Trustees take any action which that would jeopardize the status of the Trust as a "liquidating trust" for federal income tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d)) of the Income Tax Regulations. This limitation shall apply regardless of whether the conduct of any such trade or business action is deemed by the Trustees to be necessary or proper for the conservation and protection of the Trust Assets. The Trustees shall not invest any of the funds held as Trust Assets, except that the Trustees may invest any portion of the Trust Assets in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof; (ii) money market deposit accounts, checking accounts, savings accounts, or certificates of deposit, deposit or other time deposit accounts which mature not later than one year from the date of acquisition thereof and which are issued by a commercial bank or savings institution organized under the laws of the United States of America or any state thereof; or (iii) any other investments which may be determined by the Trustees to be permissible under Revenue Procedure 82-58, as the same may be amended, supplemented or modified., and the Investment Company Act; or (iv) equity securities (w) upon the exercise of any warrant or other convertible security forming part of the Trust Assets or held by any Trust Subsidiary, (x) in a rights offering made to then existing stockholders of a Person in which the Trust or any Trust Subsidiary beneficially owns Investment Securities, (y) upon the exercise of a Purchase Right, or (z) in exchange, in whole or in part, for equity or debt securities of any other Person, if in any case in this clause (iv) the Trustees reasonably believe that by doing so (1) the value of the Trust Assets or the assets of such Trust Subsidiary will be conserved and protected or (2) the ability of the Trust or any Trust Subsidiary to liquidate any such asset for cash will be materially enhanced or accelerated and neither Trustee receives a personal benefit as a result thereof that is not received by all holders of Units on a pro rata basis (provided that the Trustees shall dispose of such equity or debt securities as soon as is practicable on a basis that is consistent with the purpose of the Trust). Notwithstanding the foregoing, in no event shall the Trustees:

Limitations on Trustees. The Trustees shall not at any time, on behalf of the Trust or Beneficiaries, enter into or engage in any trade or business, and no part of the Trust Assets Grafiti Shares shall be used or disposed of by the Trustees in furtherance of any trade or business. The Trustees shall be restricted (i) to the holding the Grafiti Shares, (ii) distributing the Grafiti Shares as set forth herein and collection in the Separation Agreement and the Distribution Agent Agreement, if the Registration Statement is effective on or prior to the Distribution Outside Date, (iii) if the Registration Statement is not effective on or prior to the Distribution Outside Date, liquidating the Grafiti Shares and distributing the proceeds thereof, less any amounts determined necessary by the Trustees to pay any then unpaid costs and expenses of the Trust Assets Trust, and the payment and distribution thereof for the purposes set forth in this Agreement and (iv) to the conservation and protection of the Trust Assets assets and the administration thereof in accordance with the provisions of this Agreement. In no event shall the Trustees take any action which would jeopardize the status of the Trust as a "“liquidating trust" ” for federal income tax purposes within the meaning of Treasury Regulation Section Treas. Reg. § 301.7701-4(d). This limitation shall apply regardless of whether the conduct of any such trade or business is deemed by the Trustees to be necessary or proper for the conservation and protection of the Trust AssetsGrafiti Shares. The Trustees shall not invest any of the funds held as Trust Assetsassets, except that the Trustees may invest any portion of the Trust Assets assets in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof; (ii) money market deposit accounts, checking accounts, savings accounts, or certificates of deposit, or other time deposit accounts which mature not later than one year from the date of acquisition thereof which are issued by a commercial bank or savings institution organized under the laws of the United States of America or any state thereof; or (iii) any other investments which may be determined by the Trustees to be permissible under Revenue Procedure Rev. Proc. 82-58, as the same may be amended, supplemented or modified.

Limitations on Trustees. The Trustees shall not at any time, on behalf of the Trust or Beneficiaries, enter into or engage in any trade or business, and no part of the Trust Assets shall be used or disposed of by the Trustees in furtherance of any trade or business. The Trustees shall be restricted to the holding and collection of the Trust Assets and the payment and distribution thereof for the purposes set forth in this Agreement and to the conservation and protection of the Trust Assets and the administration thereof in accordance with the provisions of this Agreement. In no event shall the Trustees receive any property, make any distribution, satisfy or discharge any claims, expenses, charges, Liabilities and obligations or otherwise take any action which is inconsistent with a complete liquidation of Xxxxxx as that term is used and interpreted by Sections 368(a)(1)(C) and (a)(2)(G) of the Code, Treasury Regulations promulgated thereunder, and rulings, decisions and determinations of the Internal Revenue Service and courts of competent jurisdiction, or take any action which would jeopardize the status of the Trust as a "liquidating trust" for federal income tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d). This limitation shall apply regardless of whether the conduct of any such trade or business is deemed by the Trustees to be necessary or proper for the conservation and protection of the Trust Assets. The Trustees shall not invest any of the funds held as Trust Assets, except that the Trustees may invest any portion of the Trust Assets in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof; (ii) money market deposit accounts, checking accounts, savings accounts, or certificates of deposit, or other time deposit accounts which mature not later than one year from the date of acquisition thereof which are issued by a commercial bank or savings institution organized under the laws of the United States of America or any state thereof; or (iii) any other investments which may be determined by the Trustees to be permissible under Revenue Procedure 82-58, as the same may be amended, supplemented or modified.

Limitations on Trustees. (a) The Trustees shall not at any time, on behalf of the Trust or Beneficiaries, enter into or engage in any trade or business, and no part business except as necessary for the orderly liquidation of the Trust Assets shall be used or disposed of by the Trustees in furtherance of any trade or businessAssets. The Trustees shall be restricted to the holding holding, collection and collection sale of the Trust Assets and the payment and distribution thereof for the purposes set forth in this Agreement and to the conservation and protection of the Trust Assets and the administration thereof in accordance with the provisions of this Agreement. In no event shall the Trustees take any action which would jeopardize the status of the Trust as a "“liquidating trust" ” for federal Federal income tax purposes within the meaning of Treasury Regulation Section 301.7701-4(d). This limitation shall apply regardless of whether the conduct of any such trade or business is deemed by the Trustees to be necessary or proper for the conservation and protection of the Trust Assets. The Trustees shall not invest any of the funds cash held as Trust Assets, except that the Trustees may invest any portion of the Trust Assets in (i) direct obligations of the United States of America or obligations of any agency or instrumentality thereof which mature not later than one year from the date of acquisition thereof; , (ii) money market deposit accounts, checking accounts, savings accounts, or certificates of deposit, or other time deposit accounts which mature not later than one year from the date of acquisition thereof which are issued by a commercial bank or savings institution organized under the laws of the United States of America or any state thereof; , or (iii) any other temporary investments which may be determined by not inconsistent with the Trust's status as a liquidating trust for tax purposes. Neither the Trustees nor any Affiliate of the Trustees shall take any action to be permissible facilitate or encourage trading in the Beneficial Interests or in any instrument tied to the value of the Beneficial Interests such as due xxxx trading. (b) Notwithstanding anything herein to the contrary, the Trustees shall not have the right to cause the Trust to take any of the following actions without the consent of Beneficiaries holding a majority of the Units: (i) Any amendments to this Agreement other than those that do not decrease the obligations of the Trustees, increase the obligations of the Beneficiaries or decrease the rights of the Beneficiaries; (ii) Any action not permitted under Revenue Procedure 82-58, as this Agreement; (iii) Increasing the same may be amended, supplemented amount of compensation payable to the Trustees (other than a Trustee that satisfies the Independence Requirements) or modified.any affiliate of a Trustee; (iv) Modifying any provision of the Advisory Agreement providing for the payment of any fees to the Advisor or the timing of any such payment other than those which would provide for a decrease in such amount or a delay in such payment. 6.2