Common use of Overriding restrictions Clause in Contracts

Overriding restrictions. Notwithstanding anything in this settlement contained or implied but subject in respect of sub-clause (2) of this clause to clause 13 (1) this settlement shall not be construed so as to confer or purport to confer on the Trustees any trust or power which might or could be exercised or if exercised revoked at any time outside the period permitted by any applicable rule against perpetuities (2) none of the powers authorities or discretions hereby or by law conferred on the Trustees or on any other person shall at any time or in any circumstances whatsoever be exercisable in any manner which may benefit the Settlor (or either of them) Provided always that repayment of a Loan shall not for the purposes of this settlement constitute a benefit conferred upon the Settlor (or either of them) (3) no exercise of any power contained in this settlement shall invalidate any prior payment transfer or application of all or any part of the Trust Fund or the income thereof made under any power conferred by this settlement or by law and (4) in the administration of the trusts of this settlement, the Trustees must keep the Initial Settled Property separate from the Loaned Property (if any) and shall only repay a Loan from the Loaned Property and not the Initial Settled Property