TRUSTEE MUST NOT DISQUALIFY TRUST Sample Clauses

TRUSTEE MUST NOT DISQUALIFY TRUST. The Trustee shall not exercise any power or discretion granted by law or by this Agreement that would be inconsistent with the qualification of the interests of the Recipients as a guaranteed annuity interest within the meaning of Code Section 2522(c)(2)(B) and the Regulations thereunder.
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TRUSTEE MUST NOT DISQUALIFY TRUST. The Trustees are prohibited from exercising any power or discretion granted under applicable laws or this Trust Agreement that would be inconsistent with the qualification of the Recipients' interest as a Qualified Interest.

Related to TRUSTEE MUST NOT DISQUALIFY TRUST

  • Appointment of Co-Owner Trustee or Separate Owner Trustee Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Property or any Financed Vehicle may at the time be located, the Servicer and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-owner trustee, jointly with the Owner Trustee, or separate owner trustee or separate owner trustees, of all or any part of the Trust Property, and to vest in such Person, in such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Servicer and the Owner Trustee may consider necessary or desirable. If the Servicer shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee shall, with the consent of the Majority Noteholders, have the power to make such appointment. No co-owner trustee or separate owner trustee under this Agreement shall be required to meet the terms of eligibility as a successor owner trustee pursuant to Section 10.1 and no notice of the appointment of any co-owner trustee or separate owner trustee shall be required pursuant to Section 10.3. Each separate owner trustee and co-owner trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

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