Common use of Payment of Liabilities Clause in Contracts

Payment of Liabilities. The Trustee, in its capacity as Trustee hereunder and not in its individual capacity, hereby assumes all Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustee as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.5, the Trustee may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the Trustee, Beneficiaries or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 5 contracts

Samples: Liquidating Trust Agreement (All American Group Inc), Liquidating Trust Agreement (Shelbourne Properties I Inc), Liquidating Trust Agreement (Shelbourne Properties Iii Inc)

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Payment of Liabilities. The TrusteeTrustees, in its their capacity as Trustee Trustees hereunder and not in its their individual capacitycapacities, hereby assumes shall assume all Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the LiabilitiesLiabilities on and as of the Transfer Date. Should any Liability be asserted against the Trustee Trustees as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.52.6, the Trustee Trustees may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the TrusteeTrustees, Beneficiaries or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (G REIT Liquidating Trust)

Payment of Liabilities. The Trustee, in its his capacity as Trustee hereunder and not in its his individual capacity, hereby assumes all the Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustee as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.52.4, the Trustee may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the Trustee, Beneficiaries any Beneficiary or any employees or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Liquidating Trust Agreement (Trimaine Holdings Inc)

Payment of Liabilities. The Trustee, in its capacity as Trustee hereunder and not in its individual capacity, hereby assumes shall assume all Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the LiabilitiesLiabilities on and as of the Transfer Date. Should any Liability be asserted against the Trustee as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.52.6, the Trustee may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the Trustee, Beneficiaries or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Agreement and Declaration of Trust (T Reit Liquidating Trust)

Payment of Liabilities. The TrusteeTrustees, in its their capacity as Trustee Trustees hereunder and not in its their individual capacity, hereby assumes assume all Liabilities and agrees agree hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustee Trustees as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.5, the Trustee Trustees may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the TrusteeTrustees, Beneficiaries or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Liquidating Trust Agreement (Winthrop Realty Trust)

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Payment of Liabilities. The Trustee, in its his capacity as Trustee hereunder and not in its his individual capacity, hereby assumes all Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustee as the transferee of the Trust Assets or as a result of the assumption made in this Section 2.5, the Trustee may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the Trustee, Beneficiaries or employees or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Liquidating Trust Agreement (Advanced Switching Communications Inc)

Payment of Liabilities. The TrusteeTrustees, in its capacity their capacities as Trustee Trustees hereunder and not in its their individual capacitycapacities, hereby assumes assume all Liabilities and agrees agree hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against the Trustee Trustees as the transferee transferees of the Trust Assets or as a result of the assumption made in this Section 2.5, the Trustee Trustees may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the TrusteeTrustees, Beneficiaries or employees or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Liquidating Trust Agreement (BPP Liquidating Trust)

Payment of Liabilities. The Trustee, in its capacity as Trustee hereunder and not in its individual capacity, Trust hereby assumes all Liabilities and agrees hereafter to cause the Trust to pay, discharge and perform when due all of the Liabilities. Should any Liability be asserted against any one or more of the Trustee Trustees as the transferee transferees of the Trust Assets or as a result of the assumption made in this Section 2.52.8, the Trustee Sponsor Trustees may use such part of the Trust Assets as may be necessary in contesting any such Liability or in payment thereof, but in no event shall the TrusteeTrustees, Beneficiaries or employees or agents of the Trust be personally liable, nor shall resort be had to the private property of such Persons, in the event that the Trust Assets are not sufficient to satisfy the Liabilities.

Appears in 1 contract

Samples: Liquidating Trust Agreement (Malan Realty Investors Inc)

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