Common use of Nature and Purpose of the Trust Clause in Contracts

Nature and Purpose of the Trust. (i) The Trust shall be a "New York trust." Except as provided herein, the Trust shall not borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified for U.S. federal income tax purposes as a grantor trust.

Nature and Purpose of the Trust. (ia) The Trust shall be a "New York trust." Except as provided herein, the Trust shall not borrow money, issue debt or reinvest proceeds derived from investments, pledge any of its assets, or otherwise undertake (or permit to be undertaken) any activity that would cause the Trust not to be classified as a grantor trust for U.S. federal income tax purposes as a grantor trustpurposes.