Common use of Purposes and Intent Clause in Contracts

Purposes and Intent. The Series B common stock (the "Series B Stock") of A.H. Belo Corporation and Belo Corporation which is owned or may hereafter be owned by the Partnership carries with it valuable voting rights which would be greatly reduced if such stock becomes owned by anyone other than a lineal descendant of a great-grandparent of ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇. or by a spouse of any such lineal descendant (ownership by a partnership, all the partners of which consist of such lineal descendants or spouses thereof, is for this purpose the equivalent of direct ownership by such descendants and/or spouses.) Such stock with its attendant voting rights, when voted as a block, assures the owners thereof of a significant voice in corporate affairs. The primary purpose of the Partnership is to maintain for a significant period of time all of the voting rights of the Series B stock and to prevent ownership of the Series B stock from becoming fractionalized. Consistent with the foregoing, the purposes and intent of the Partnership are to own, operate, and maintain the Partnership Assets, to produce income from Partnership Assets, to hold the Partnership Assets for investment and/or to sell Partnership Assets for capital appreciation, and to provide a means for the Partners to preserve the Partnership Assets from the claims of others, which purposes shall include the following: 3.1.1 to acquire and accept conveyance of the Partnership Assets and any additional assets conveyed to the Partnership at any time and from to time to time; 3.1.2 to acquire, own operate, lease, sell, and otherwise deal with ranches and farms; 3.1.3 to vote, and otherwise deal with and manage, stock in any corporation which is a Partnership Asset. 3.1.4 to own, operate, maintain, construct improvements, rent, lease, or sell the Partnership Assets, whether as a part or as a whole; 3.1.5 to incur debt for the acquisition of Partnership Assets and for other Partnership purposes; 3.1.6 to produce income from the Partnership Assets; 3.1.7 to hold the Partnership Assets for capital appreciation and investment and to sell or exchange all or any part of the Partnership Assets; 3.1.8 to continue the ownership of the Partnership Assets without fractionalizing and to restrict the rights of others to acquire interests in the Partnership Assets; 3.1.9 to provide flexibility in business planning not available through trusts, corporations or other businesses entities; 3.1.10 to facilitate the administration of the Partnership Assets and to reduce the cost and business interruptions associated with the disability, bankruptcy or death of a Partner; 3.1.11 to make loans to Persons in furtherance of the Partnership purpose; 3.1.12 to invest, reinvest, encumber, pledge, mortgage, finance, and refinance any and all partnership Assets; and/or 3.1.13 to engage in any other lawful business under the Act and within the contemplation of this Agreement as long as the same shall be for the benefit of the Partnership.