Common use of Prohibition on Certain Actions Clause in Contracts

Prohibition on Certain Actions. The Owner Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause any Class of Notes not to be treated as indebtedness for U.S. federal or State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the deemed sale or exchange for U.S. federal or Applicable Tax State income or franchise tax purposes) or (iii) cause the Issuer, the Titling Companies or any portion of any of them to be taxable as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes (except, in the case of any Titling Company, to the extent of any part of the Titling Company that is intended to be characterized as an association of U.S. federal income tax purposes). The Indenture Administrator will not direct the Owner Trustee to take action that would violate this Section 5.9.

Prohibition on Certain Actions. The Owner Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause any Class of Notes not to be treated as indebtedness for U.S. federal or State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the such deemed sale or exchange for U.S. federal or Applicable Tax State income or franchise tax purposes) or (iii) cause the Issuer, the Titling Companies or any portion of any of them to be taxable as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes (except, in the case of any Titling Company, to the extent of any part of the such Titling Company that is intended to be characterized as an association of U.S. federal income tax purposes). The Indenture Administrator will not direct the Owner Trustee to take action that would violate this Section 5.9.

Prohibition on Certain Actions. The Owner Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause any Class of Notes not to be treated as indebtedness for U.S. federal or State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the such deemed sale or exchange for U.S. federal or Applicable Tax State income or franchise tax purposes) or (iii) cause the Issuer, the Titling Companies or any portion of any of them to be taxable as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes (except, in the case of any Titling Company, to the extent of any part of the such Titling Company that is intended to be characterized as an association of U.S. federal income tax purposes). The Indenture Administrator will not direct the Owner Trustee to take action that would violate this Section 5.9.

Prohibition on Certain Actions. The Owner Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause any Class of Notes not to be treated as indebtedness for U.S. federal or State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the such deemed sale or exchange for U.S. federal or Applicable Tax State income or franchise tax purposes) or (iii) cause the Issuer, the Titling Companies or any portion of any of them to be taxable as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes (except, in the case of any Titling Company, to the extent of any part of the such Titling Company that is intended to be characterized as an association of U.S. federal income tax purposes). The Indenture Administrator will not direct the Owner Trustee to take action that would violate this Section 5.9.

Prohibition on Certain Actions. The Owner Trustee will not take any action (a) that is inconsistent with the purposes of the Issuer set forth in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause any Class of Notes not to be treated as indebtedness for U.S. federal or State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the such deemed sale or exchange for U.S. federal or Applicable Tax State income or franchise tax purposes) or (iii) cause the Issuer, the Titling Companies or any portion of any of them to be taxable as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes (except, in the case of any Titling Company, to the extent of any part of the such Titling Company that is intended to be characterized as an association of U.S. federal income tax purposes). The Indenture Administrator will not direct the Owner Trustee to take action that would violate this Section 5.9.