Restriction. Notwithstanding anything herein to the contrary, the Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust or (b) that would result in the Trust being treated as an association taxable as a corporation for Federal income tax purposes.
Appears in 22 contracts
Samples: Trust Agreement, Trust Agreement, Trust Agreement
Restriction. Notwithstanding anything herein to the contrary, the Owner Trustee Trustees shall not take any action (a) that is inconsistent with the purposes of the Trust or (b) that to the actual knowledge of the Trustees would result in the Trust being treated as an association taxable as a corporation for Federal federal income tax purposes.
Appears in 2 contracts
Samples: Loan Program Agreement (First Marblehead Corp), Loan Program Agreement (First Marblehead Corp)
Restriction. Notwithstanding anything herein to the contrary, the Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust or (b) that would result in the Trust being treated as an association taxable as a corporation for Federal income tax purposes.. ARTICLE IX CONCERNING THE OWNER TRUSTEE Section 9.01
Appears in 2 contracts
Samples: Trust Agreement, Trust Agreement
