Common use of No Disposition of Owner Trust Estate Clause in Contracts

No Disposition of Owner Trust Estate. Except to exercise and carry out the rights, duties and obligations of the Owner Trustee under this Trust Agreement, including its rights to obtain payment of compensation and indemnification to which it may be entitled hereunder, the Owner Trustee shall not sell, assign, transfer, convey, pledge, or otherwise dispose of or encumber in any manner the Owner Trust Estate, including but not limited to the stock of each of the Companies, or approve, vote for, consent to or otherwise agree to the liquidation, dissolution, merger or consolidation of either of the Companies except upon the written direction of the applicable Lessees or, if at such time there are any Outstandings, any Commitments shall not have been terminated. The Owner Trustee shall cause each of the Companies to engage solely in the business of acquiring the Nuclear Material and consummating the transactions contemplated by the Basic Documents. The Owner Trustee shall not accept from or permit either of the Companies to pay or to distribute to it as dividends, or otherwise, any funds or property of either of the Companies except as provided in Section 5.3 hereof.

Appears in 4 contracts

Samples: Trust Agreement (General Public Utilities Corp /Pa/), Trust Agreement (Pennsylvania Electric Co), Trust Agreement (Gpu Inc /Pa/)

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