Limits on Board of Directors' Powers. Anything in this Agreement to the contrary notwithstanding, the Board of Directors shall not cause or permit the Company to, and the Company shall not: (a) acquire any assets other than as expressly provided in the Investment Policies; (b) acquire any securities or other assets that give the Company U.S. source income; (c) for so long as any Trust Certificates settle and clear through DTC, Euroclear or Clearstream, acquire or own any securities other than Eligible Investments; (d) possess Company property for other than a Company purpose; (e) admit a Person as a Securityholder, except as expressly provided in this Agreement; (f) perform any act that would subject any Preferred Securityholder to liability for (A) the debts, obligations and liabilities of the Company in any jurisdiction, except as expressly provided in this Agreement, or (B) a tax on "unrelated business taxable income" under the Code as a consequence of such act; (g) engage in any activity that would cause the Company to be treated as an association or as a "publicly traded partnership" (within the meaning of Section 7704 of the Code); (h) engage in any activity that is not consistent with the purposes of the Company, as set forth in Section 3.1 of this Agreement; or (i) borrow money or enter into repurchase agreements, reverse repurchase agreements, or other securities lending transactions or take any action that could reasonably be expected to cause a Tax Event, Capital Event or Investment Company Act Event to occur.
Appears in 9 contracts
Samples: Limited Liability Company Agreement (UBS Preferred Funding Trust VIII), Limited Liability Company Agreement (UBS Preferred Funding Trust VIII), Limited Liability Company Agreement (Ubs Preferred Funding Trust Iii)
