Document:

PLM Growth Fund V Liquidating Trust Agreement

    
      
        

      

      EXHIBIT
        10.2

      
        
          

        

      

       

      LIQUIDATING
        TRUST AGREEMENT

      

      

      Dated
        as
        of June 30, 2006

      

      

      

      by
        and
        between

      

      

      

      PLM
        Equipment Growth Fund V,

      a
        California limited partnership

      

      individually
        as Grantor

      

      

      

      and

      

      

      

      PLM
        Financial Services, Inc.

      

      as
        the
        Trustee

      

      

      

      

      

      

      

      

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      TABLE
        OF
        CONTENTS

       

      ARTICLE
        I: NAME AND DEFINITIONS

       

      1.1 Name 

       

      1.2 Certain
        Terms Defined 

       

      ARTICLE
        II: NATURE OF TRANSFER

       

      2.1 Purpose
        of Trust 

       

      2.2 Prohibited
        Activities 

       

      2.3 No
        Reversion to the Partnership 

       

      2.4 Payment
        of Liabilities 

       

      2.5 Bill
        of
        Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further
        Assurance 

       

      2.6 Incidents
        of Ownership 

       

      2.7 Notice
        to
        Unlocated Holders of Partnership Interests 

       

      ARTICLE
        III: BENEFICIARIES

       

      3.1 Beneficial
        Interests 

       

      3.2 Rights
        of
        Beneficiaries 

       

      3.3 No
        Transfer of Interests of Beneficiaries 

       

      3.4 Trustee
        as Beneficiary 

       

      ARTICLE
        IV: DURATION AND TERMINATION OF TRUST

       

      4.1 Duration 

       

      4.2 Other
        Obligations of the Trustee upon Termination 

       

      ARTICLE
        V: ADMINISTRATION OF TRUST ASSETS

       

      5.1 Sale
        of
        Trust Assets 

       

      5.2 Transactions
        with Related Persons 

       

      5.3 Payment
        of Claims, Expenses and Liabilities 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      5.4 Interim
        Distributions 

       

      5.5 Final
        Distribution 

       

      5.6 Reports
        to Beneficiaries and Others 

       

      5.7 Federal
        Income Tax Information 

       

      5.8 Employment
        of Manager 

       

      ARTICLE
        VI: POWERS OF AND LIMITATIONS ON THE TRUSTEE

       

      6.1 Limitations
        on Trustee 

       

      6.2 Specific
        Powers of the Trustee 

       

      ARTICLE
        VII: CONCERNING THE TRUSTEE, BENEFICIARIES, EMPLOYEES AND AGENTS

       

      7.1 Generally 

       

      7.2 Reliance
        by Trustee 

       

      7.3 Limitation
        on Liability to Third Persons 

       

      7.4 Recitals 

       

      7.5 Indemnification 

       

      7.6 Rights
        of
        Trustees, Employees, Independent Contractors and Agents to Own Trust Units
        or
        Other Property and to Engage in Other Business 

       

      7.7 Contribution
        Back 

       

      ARTICLE
        VIII: PROTECTION OF PERSONS DEALING WITH THE TRUSTEE

       

      8.1 Action
        by
        Trustee 

       

      8.2 Reliance
        on Statements by the Trustee 

       

      ARTICLE
        IX: COMPENSATION OF TRUSTEE

       

      9.1 Amount
        of
        Compensation 

       

      9.2 Dates
        and
        Timing of Payment 

       

      9.3 Expenses 

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        X: THE TRUSTEE AND SUCCESSOR TRUSTEE

       

      10.1 Number
        and Qualification of Trustees 

       

      10.2 Resignation
        and Removal 

       

      10.3 Appointment
        of Successor 

       

      10.4 Acceptance
        of Appointment by Successor Trustee 

       

      10.5 Bonds 

       

      ARTICLE
        XI: CONCERNING THE BENEFICIARIES

       

      11.1 Evidence
        of Action by Beneficiaries 

       

      11.2 Limitation
        on Suits by Beneficiaries 

       

      11.3 Requirement
        of Undertaking 

       

      ARTICLE
        XII: MEETING OF BENEFICIARIES

       

      12.1 Purpose
        of Meetings 

       

      12.2 Meeting
        Called by Trustee 

       

      12.3 Meeting
        Called on Request of Beneficiaries 

       

      12.4 Persons
        Entitled to Vote at Meeting of Beneficiaries 

       

      12.5 Quorum 

       

      12.6 Adjournment
        of Meeting 

       

      12.7 Conduct
        of Meetings 

       

      12.8 Record
        of
        Meeting 

       

      ARTICLE
        XIII: AMENDMENTS

       

      13.1 Consent
        of Beneficiaries 

       

      13.2 Notice
        and Effect of Amendment 

       

      13.3 Trustee’s
        Declining to Execute Documents 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      ARTICLE
        XIV: MISCELLANEOUS PROVISIONS

       

      14.1 Filing
        Documents 

       

      14.2 Intention
        of Parties to Establish Trust 

       

      14.3 Beneficiaries
        Have No Rights or Privileges as Holders of Partnership Interests 

       

      14.4 Laws
        as
        to Construction 

       

      14.5 Severability 

       

      14.6 Notices 

       

      14.7 Counterparts. 

      

      

      

      

      SCHEDULE
        A: Schedule
        of Fees

      

      EXHIBIT
        A: Form
        of
        Bill of Sale, Assignment, Acceptance and Assumption Agreement

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      EXHIBIT
        10.2

      LIQUIDATING
        TRUST AGREEMENT

      

      

      This
        LIQUIDATING TRUST AGREEMENT (this “Agreement”), dated as of June 30, 2006
        (the “Effective Date”), by and between PLM Equipment Growth Fund V, a
        California limited partnership, as Grantor (the “Partnership”), and PLM
        Financial Services, Inc., a Delaware corporation, as Trustee (the
“Trustee”).

      

      WHEREAS,
        the Partnership was organized for the objectives and purposes of owning and
        leasing, and otherwise dealing with equipment and other personal property;
        and

      

      WHEREAS,
        the terms of that certain Amended and Restated Limited Partnership Agreement,
        dated as of April 6, 1990, which was further amended pursuant to that
        certain First Amendment to the Amended and Restated Limited Partnership
        Agreement dated as of August 24, 2001, and by that certain Second Amendment
        to the Amended and Restated Limited Partnership Agreement dated as of
        June 29, 2004 (collectively, the “Partnership Agreement”) provide that the
        Partnership be dissolved upon the determination by PLM Financial Services,
        Inc.,
        a Delaware corporation, General Partner of the Partnership (the “General
        Partner”) that it is necessary to commence the liquidation of the assets of the
        Partnership in order for the liquidation of all of the assets to be completed
        in
        an orderly and businesslike fashion prior to January 1, 2007; and

      

      WHEREAS,
        as of the date hereof, the General Partner has made such determination; and
        

      

      WHEREAS,
        the General Partner believes it to be in the best interest of the Partnership
        to
        complete the liquidation of the Partnership by transferring all remaining
        assets
        of the Partnership (the “Retained Assets”) to a liquidating trust (the “Trust”)
        with PLM Financial Services, Inc., serving as its initial trustee (the
“Trustee”), including a cash reserve set aside for the contingent and existing
        obligations of the Partnership (the “Cash Reserve”); and 

      

      WHEREAS,
        the Trustee shall administer the Liquidating Trust pursuant to the terms
        of this
        Agreement and, upon satisfaction of all liabilities and obligations of the
        Partnership and the Liquidating Trust, the Trustee shall distribute the residue
        of the proceeds of the liquidation of the assets of the Partnership in
        accordance with the terms hereof;

      

      NOW,
        THEREFORE, for good and valuable consideration, the receipt and sufficiency
        of
        which are hereby acknowledged, the Partnership hereby agrees to grant, release,
        assign, convey and deliver unto the Trustee for the benefit of the Beneficiaries
        (as hereinafter defined), all of the right, title and interest of the
        Partnership in and to the Retained Assets for the uses and purposes stated
        herein on the Effective Date, subject to the terms and provisions set out
        below,
        and the Trustee hereby agrees to accept such Retained Assets and such Trust,
        subject to the following terms and provisions:

      
        
          
          

        

        
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      ARTICLE
        I

      NAME
        AND
        DEFINITIONS

      

      1.1 Name.
        This
        Trust shall be known as the PLM Equipment Growth Fund V Liquidating
        Trust.

      

      1.2 Certain
        Terms Defined.
        For all
        purposes of this instrument, unless the context otherwise requires:

      

      (a) “Affiliated
        Person”
shall
        mean a Person (i) who in his individual capacity is a director, trustee,
        officer, partner or employee of the Manager or of a Person who controls,
        is
        controlled by or is under common control with the Manager or (ii) who
        controls, is controlled by or is under common control with the
        Manager.

      

      (b) “Agreement”
shall
        mean this instrument as originally executed or as it may from time to time
        be
        amended pursuant to the terms hereof.

      

      (c) “Beneficial
        Interest”
shall
        mean each Beneficiary’s proportionate share of the Trust Assets in the Trust
        determined by the ratio of the number of Partnership Interests held by the
        Initial Beneficiary on the close of business on the Record Date in the
        Partnership over the total number of Partnership Interests existing on such
        Record Date in the Partnership and thereafter each Beneficiary’s proportional
        beneficial interest in the Trust represented by Trust Units.

      

      (d) “Beneficiaries”
shall
        mean the holders of Trust Units from time to time on or after the Record
        Date,
        including the Initial Beneficiaries and the Subsequent
        Beneficiaries.

      

      (e) “Cash
        Reserve”
shall
        mean a cash reserve set aside by the General Partner for the contingent and
        existing obligations of the Partnership.

      

      (f) “Grantor”
shall
        mean the Partnership.

      

      (g) “Initial
        Beneficiaries”
shall
        mean the initial holders of Trust Units.

      

      (h) “Liquidating
        Trust”
shall
        mean the liquidating trust maintained by the Trustee holding the Trust Assets
        of
        the Partnership, identified as the “PLM Equipment Growth Fund V Liquidating
        Trust”; also referred to herein as the “Trust.”

      

      (i) “Manager”
shall
        mean such Person or Persons who have been employed by, or who have contracted
        with, the Trustee to assist in the management of the Trust, and for the
        avoidance of doubt, the Manager may be the General Partner or any affiliate
        of
        the General Partner.

      

      (j) “Partnership
        Interests”
shall
        mean the limited and general partnership interests in the Partnership held
        by
        each of the Beneficiaries as of the Record Date.

      
        
          
          

        

        
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      (k) “Person”
shall
        mean an individual, a corporation, a partnership, an association, a joint
        stock
        company, a limited liability company, a trust, a joint venture, any
        unincorporated organization, or a government or political subdivision
        thereof.

      

      (l) “Record
        Date”
shall
        mean the date selected by the Grantor for determination of the holders of
        Partnership Interests entitled to become Beneficiaries.

      

      (m) “Related
        Person”
shall
        have the meaning set forth in Section 5.2.

      

      (n) “Subsequent
        Beneficiaries”
shall
        mean Beneficiaries as reflected on the books and records of the Trust from
        time
        to time after the Effective Date, other than the Initial
        Beneficiaries.       

                  
        

      (o) “Trust”
shall
        mean the Trust created by this Agreement.

       

      (p) “Trust
        Assets”
shall
        mean all the property held from time to time by the Trustee under this
        Agreement, which initially shall consist of the Retained Assets of the
        Partnership granted, assigned and conveyed to the Trustee by the Partnership
        including, but not limited to, the Cash Reserve, and, in addition, shall
        thereafter include all proceeds and other receipts of, from, or attributable
        to
        any assets, causes of actions or claims held by the Trust.

       

      (q) “Trust
        Units”
shall
        mean those equal, undivided portions into which the Beneficial Interests
        in the
        Trust Assets are divided, as evidenced on the books and records of the
        Trust.

       

      (r) “Trustee”
shall
        mean the original Trustee under this Agreement and its successor(s), if
        any.

      

      ARTICLE
        II

      NATURE
        OF
        TRANSFER

      

      2.1 Purpose
        of Trust.

      

      (a) It
        is
        expected that the Partnership shall dissolve and liquidate prior to fully
        winding up its affairs, including, but not limited to, the sale of its remaining
        assets, the collection of any receivables and the payment of any unsatisfied
        debts, claims, liabilities, commitments, suits and other obligations, whether
        contingent or fixed or otherwise (the “Liabilities”), except for such
        Liabilities for which the Partnership has previously reserved by the allocation
        of the Cash Reserve as described in the recitals hereto. The Trust hereby
        is
        organized for the sole purpose of winding up the affairs of the Partnership
        as
        promptly as reasonably possible and with no objective to continue or engage
        in
        the conduct of a trade or business.

      

      (b) The
        Cash
        Reserve and Retained Assets to be granted, assigned and conveyed to the Trustee
        as of the Effective Date will be held in the Trust, and the Trustee will:
        (i) further liquidate the Trust Assets as it deems necessary to carry out
        the purpose of the Trust and facilitate distribution of the Trust Assets;
        (ii) protect, conserve and manage the Trust Assets in accordance with the
        terms and conditions 

      
        
          
          

        

        
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      hereof;
        and (iii) distribute the Trust Assets in accordance with the terms and
        conditions hereof.

      

      (c) It
        is
        intended that the granting, assignment and conveyance of the Cash Reserve
        and
        the Retained Assets by the Partnership to the Trustee pursuant hereto shall
        be
        treated for federal and state income tax purposes as if the Partnership made
        such distributions directly to the holders of Partnership Interests. It is
        further intended that for federal, state and local income tax purposes the
        Trust
        shall be treated as a liquidating trust under Treasury Regulation Section
        301.7701-4(d) and any analogous provision of state or local law, and the
        Beneficiaries shall be treated as the owners of their respective share of
        the
        Trust pursuant to Sections 671 through 679 of the Code and any analogous
        provision of state or local law and shall be taxed on their respective share
        of
        the Trust’s taxable income (including both ordinary income and capital gains)
        pursuant to Section 671 of the Code and any analogous provision of state
        or
        local law. The Trustee shall file all tax returns required to be filed with
        any
        governmental agency consistent with this position, including, but not limited
        to, any returns required of grantor trusts pursuant to Section 1.671-4(a)
        of the
        Income Tax Regulations. The Partnership agrees that a transfer agent acting
        on
        its behalf may prepare and file applicable K-1’s respecting the Beneficiaries’
Partnership income. To the extent that the Trustee becomes liable for the
        payment of taxes, including withholding taxes, in respect of income derived
        from
        the investment of funds held hereunder or any payment made hereunder
        (collectively, the “Taxes”), the Trustee may pay such Taxes. The Trustee may
        withhold from any payment of the Trust Assets such amount as the Trustee
        estimates to be sufficient to provide for the payment of such Taxes not yet
        paid, and may use the sum withheld for that purpose. The Trustee shall be
        indemnified and held harmless against any liability for Taxes and for any
        penalties or interest in respect of Taxes on such investment income or payments
        in the manner provided herein.

      

      2.2 Prohibited
        Activities.
        (a) The
        Trust shall not continue or engage in the conduct of any trade or business,
        except as necessary for the orderly liquidation of the Trust Assets. The
        Trust’s
        activities will be limited to the holding, collection and sale of the Trust
        Assets.

      

      (b) The
        Trustee shall not take any action to facilitate or encourage any trading
        in the
        Beneficial Interests or in any instrument tied to the value of the Beneficial
        Interests. Further, the Trustee will require each of its Affiliated Persons
        to
        refrain from taking any such action.

      

      2.3 No
        Reversion to the Partnership.
        In no
        event shall any part of the Trust Assets revert to or be distributed to the
        Partnership.

      

      2.4 Payment
        of Liabilities.
        To the
        extent that there are available Trust Assets in the Trust, the Trust hereby
        agrees to assume all Liabilities of the Partnership on the Effective Date.
        Should any Liability be asserted against the Trust as the transferee of the
        Trust Assets or as a result of the assumption made in this paragraph, the
        Trustee may use such part of the Trust Assets as may be necessary in contesting
        any such Liability or in payment thereof. In no event shall the Trustee,
        Beneficiaries or employees or agents of the Trust be personally liable, nor
        shall resort be had to the 

      
        
          
          

        

        
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      private
        property of such Persons or to any other Trust Assets, in the event the Trust
        Assets are not sufficient to satisfy the Liabilities asserted against or
        payable
        out of the Partnership’s available Trust Assets in the Trust.

      

      2.5 Bill
        of Sale, Assignment, Acceptance and Assumption Agreement; Instruments of
        Further
        Assurance.
        On the
        Effective Date, the Partnership and the Trust shall execute a Bill of Sale,
        Assignment, Acceptance and Assumption Agreement conveying the Retained Assets,
        Cash Reserve and Liabilities to the Trust, a form of which is attached as
        Exhibit A
        hereto.
        After the dissolution of the Partnership, such Persons as shall have the
        right
        and power to so act, will, upon reasonable request of the Trustee, execute,
        acknowledge, and deliver such further instruments and do such further acts
        as
        may be necessary or proper to carry out effectively the purposes of this
        Agreement, to confirm or effectuate the transfer to the Trustee of any property
        intended to be covered hereby, and to vest in the Trustee, its successors
        and
        assigns, the estate, powers, instruments or funds in trust
        hereunder.

      

      2.6 Incidents
        of Ownership.
        The
        holders of Partnership Interests as of the Record Date shall be the Initial
        Beneficiaries of the Trust as holders of Trust Units in the Trust, and the
        Trustee shall retain only such incidents of legal ownership as are necessary
        to
        undertake the actions and transactions authorized herein.

      

      2.7 Notice
        to Unlocated Holders of Partnership Interests.
        If the
        Trust holds Trust Assets for unlocated holders of any Partnership Interests,
        due
        notice shall be given to such holders of Partnership Interests in accordance
        with [Delaware] law.

      

      

      ARTICLE
        III

      BENEFICIARIES

      

      3.1 Beneficial
        Interests.

      

      (a) The
        Beneficial Interest of each Initial Beneficiary hereof shall be determined
        by
        the Partnership in accordance with a certified copy of the Partnership’s list of
        Partnership Unit holders as of the Record Date (the “List”). The Partnership
        will deliver the certified copy of the List to the Trustee within a reasonable
        time after the Record Date specifying the Beneficial Interests of each Initial
        Beneficiary in the Partnership. For ease of administration, the List shall
        express the Beneficial Interest of each Initial Beneficiary in terms of units
        and it is intended that each unit shall represent one Trust Unit in the
        Trust.

      

      (b) In
        the
        case of the Partnership Unit holders, customary institutional book-entry
        or
        other records or any other evidence of ownership satisfactory to the Trustee
        will be deemed to evidence the Beneficial Interest in the Trust of each such
        Beneficiary.

      

      (c) If
        any
        conflicting claims or demands are made or asserted with respect to the ownership
        of any Trust Units, or if there should be any disagreement between the
        transferees, assignees, heirs, representatives or legatees succeeding to
        all or
        part of the interest of any Beneficiary resulting in adverse claims or demands
        being made in connection with such Trust Units, then, in any of such events,
        the
        Trustee shall be 

      
        
          
          

        

        
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      entitled,
        at its sole election, to refuse to comply with any such conflicting claims
        or
        demands. In so refusing, the Trustee may elect to make no payment or
        distribution with respect to such Trust Units, or to make such payment to
        a
        court of competent jurisdiction or an escrow agent, and in so doing the Trustee
        shall not be or become liable to any of such parties for their failure or
        refusal to comply with any of such conflicting claims or demands, nor shall
        the
        Trustee be liable for interest on any funds which it may so withhold. The
        Trustee shall be entitled to refrain and refuse to act until either (i) the
        rights of the adverse claimants have been adjudicated by a final judgment
        of a
        court of competent jurisdiction, (ii) all differences have been adjusted by
        valid written agreement between all of such parties, and the Trustee shall
        have
        been furnished with an executed counterpart of such agreement, or
        (iii) there is furnished to the Trustee a surety bond or other security
        satisfactory to the Trustee, as it shall deem appropriate, to fully indemnify
        it
        as between all conflicting claims or demands.

      

      3.2 Rights
        of Beneficiaries.
        Each
        Beneficiary shall be entitled to participate in the rights and benefits due
        to a
        Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary
        shall take and hold the same subject to all the terms and provisions of this
        Agreement. The interest of the Beneficiary hereby is declared and shall be
        in
        all respects personal property and upon the death of an individual Beneficiary,
        his Beneficial Interest shall pass as personal property to his legal
        representative and such death shall in no way terminate or affect the validity
        of this Agreement, provided that the Trustee shall not be required to evidence
        a
        book entry transfer of a deceased Beneficiary’s Beneficial Interest to his legal
        representative until the Trustee shall have received Letters Testamentary
        or
        Letters of Administration and written notice of the death of the deceased
        Beneficiary. A Beneficiary shall have no title to, right to, possession of,
        management of, or control of, the Trust Assets except as herein expressly
        provided. No widower, widow, heir, or devisee of any person who may be a
        Beneficiary shall have any right of dower, homestead, or inheritance, or
        of
        partition, or of any other right, statutory or otherwise, in any property
        forming a part of Trust Assets but the whole title to the Trust Assets shall
        be
        vested in the Trustee and the sole interest of the applicable Beneficiaries
        shall be the rights and benefits given to such Persons under this Agreement.
        

      

      3.3 No
        Transfer of Interests of Beneficiaries.
        The
        Beneficial Interest of a Beneficiary may not be transferred by any Beneficiary
        in person or by a duly authorized agent or attorney, or by the properly
        appointed legal representatives of the Beneficiary, nor may a Beneficiary
        have
        authority or power to sell, assign, transfer, encumber, or in any other manner
        dispose of his Beneficial Interest; provided, however, that the Beneficial
        Interest shall be assignable or transferable by will, intestate succession,
        or
        operation of law.

      

      Except
        as
        may be otherwise required by law, the Beneficial Interests of the Beneficiaries
        hereunder shall not be subject to attachment, execution, sequestration or
        any
        order of a court, nor shall such interests be subject to the contracts, debts,
        obligations, engagements or liabilities of any Beneficiary, but the interest
        of
        a Beneficiary shall be paid by the Trustee to the Beneficiary free and clear
        of
        all assignments, attachments, anticipations, levies, executions, decrees
        and
        sequestrations and shall become the property of the Beneficiary only when
        actually received by such Beneficiary.

      
        
          
          

        

        
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      3.4 Trustee
        as Beneficiary.
        The
        Trustee, either individually or in a representative or fiduciary capacity,
        may
        be a Beneficiary to the same extent as if it were not a Trustee hereunder
        and
        shall have all the rights of a Beneficiary, including, without limitation,
        the
        right to vote and to receive distributions, to the same extent as if it was
        not
        the Trustee hereunder.

      

      

      ARTICLE
        IV

      DURATION
        AND TERMINATION OF TRUST

      

      4.1 Duration.
        The
        existence of this Trust shall terminate upon the earliest of (i) a
        termination required by the applicable laws of the State of [Delaware],
        (ii) the termination due to the distribution of all Trust Assets as
        provided in Section 5.5, or (iii) June 30, 2008; provided, however,
        that the Trustee, in its discretion, may extend the existence of this Trust
        to
        such later date as it may designate, if it determines that an extension is
        reasonably necessary to pay or make provision for then known liabilities,
        actual
        or contingent.

      

      4.2 Other
        Obligations of the Trustee upon Termination.
        Upon
        distribution of all the Trust Assets, the Trustee shall provide for the
        retention of all necessary books, records, lists of holders of Trust Units
        in
        the Trust, certificates and files that shall have been delivered to or created
        by the Trustee for a period of ten (10) years thereafter, at the Trustee’s
        discretion, all of such records and documents may be destroyed. Except as
        otherwise specifically provided herein, upon the distribution of all Trust
        Assets in the Trust, the Trustee shall have no further duties or obligations
        hereunder.

      

      

      ARTICLE
        V

      ADMINISTRATION
        OF TRUST ASSETS

      

      5.1 Sale
        of Trust Assets.
        The
        Trustee is hereby authorized and directed, at such times as it may deem
        appropriate, to transfer, assign, or otherwise dispose of all or any part
        of the
        Trust Assets in the Trust as it deems appropriate at public auction or at
        private sale for cash, securities or other property, or upon credit (either
        secured or unsecured as the Trustee shall determine).

      

      5.2 Transactions
        with Related Persons.
        Notwithstanding any other provisions of this Agreement, the Trustee shall
        not
        knowingly, directly or indirectly, sell or otherwise transfer all or any
        part of
        any Trust Assets to, or contract with, (i) itself or any other Trustee or
        an employee or agent (acting in its or their individual capacities) of this
        Trust, or (ii) any Person of which any Trustee, employee or agent of this
        Trust is an affiliate by reason of being a trustee, director, officer, partner
        or direct or indirect beneficial owner of 5% or more of the outstanding capital
        stock, shares or other equity interest of such Persons (each of the persons
        referred to in (i) and (ii) above, a “Related Person”). Notwithstanding the
        foregoing, in any circumstance where an asset or a direct or indirect interest
        in an asset is jointly-owned by a Related Person and the Partnership on the
        date
        hereof and such asset or the Partnership’s interest in such asset becomes a
        Trust Asset, the Trustee may sell or otherwise transfer such Trust

      
        
          
          

        

        
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      Asset
        to
        such Related Person pursuant to any contractual arrangement with such Related
        Person.

      

      5.3 Payment
        of Claims, Expenses and Liabilities.
        Provided the Trustee has been advised in writing respecting such claims,
        expenses, charges, liabilities and obligations, the Trustee shall pay from
        the
        Trust Assets in the Trust all claims, expenses, charges, liabilities, and
        obligations of the Trust Assets and all Liabilities relating to the Trust
        Assets
        and obligations which the Trustee specifically assumes and agrees to pay
        pursuant to this Agreement and such transferee liabilities which the Trustee
        may
        be obligated to pay as transferees of the Trust Assets in the Trust, including
        among the foregoing, and without limiting the generality of the foregoing,
        interest, penalties, taxes, assessments, and public charges of every kind
        and
        nature and the costs, charges, and expenses connected with or growing out
        of the
        execution or administration of this Trust and such other payments and
        disbursements as are provided in this Agreement or which may be determined
        to be
        a proper charge against the Trust Assets in the Trust by the
        Trustee.

      

      5.4 Interim
        Distributions.
        At such
        times as may be determined by it in its sole discretion, the Trustee shall
        distribute, or cause to be distributed, to the Beneficiaries, in proportion
        to
        the number of Trust Units held by each Beneficiary relating to the Trust,
        such
        cash or other property comprising a portion of the Trust Assets as the Trustee
        may in its sole discretion determine may be distributed without detriment
        to the
        conservation and protection of the Trust Assets in the Trust.

      

      5.5 Final
        Distribution.
        If the
        Trustee determines that the Liabilities and all other claims, expenses, charges,
        liabilities and obligations of the Trust have been paid or discharged, or
        if the
        existence of the Trust shall terminate pursuant to Section 4.1, the Trustee
        shall, as expeditiously as is consistent with the conservation and protection
        of
        the Trust Assets, distribute the Trust Assets to the Beneficiaries in proportion
        to the number of Trust Units held by each Beneficiary in the Trust based
        on the
        list submitted to the Trustee by the Partnership pursuant to Section 3.1
        above,
        as such list may be amended. The Trustee shall hold in the Trust and thereafter
        make disposition of all liquidating distributions and other payments due
        any
        Beneficiaries who have not been located, in accordance with [Delaware] law,
        subject to applicable state laws regarding escheat and abandoned property.
        It is
        understood that the Trustee and the Beneficiary’s bank in any funds transfer may
        rely solely upon any account numbers or similar identifying number provided
        by
        the parties hereto to identify (i) the Beneficiary, (ii) the Beneficiary’s bank,
        or (iii) an intermediary bank. The Trustee may apply any of the Trust Assets
        for
        any payment order it executes using any such identifying number, even where
        its
        use may result in a person other than the Beneficiary being paid, or the
        transfer of funds to a bank other than the Beneficiary’s bank, or an
        intermediary bank designated.

      

      5.6 Reports
        to Beneficiaries and Others.
        As soon
        as practicable after the end of each taxable year of the Trust and after
        termination of the Trust, the Trustee shall submit a written report and account
        to the Beneficiaries showing (i) the assets and liabilities of the Trust at
        the end of such taxable year or upon termination and the receipts and
        disbursements of the Trustee for such taxable year or period, (ii) any

      
        
          
          

        

        
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      changes
        in the Trust Assets which they have not previously reported, and (iii) any
        action taken by the Trustee in the performance of its duties under this
        Agreement which it has not previously reported and which, in its opinion,
        materially affects the Trust Assets. The Trustee may submit similar reports
        for
        such interim periods during the taxable year as it deems advisable or as
        may be
        required by the Securities and Exchange Commission. The taxable year of the
        Trust shall end on December 31 of each year unless the Trustee deems it
        advisable to establish some other date as the date on which the taxable year
        of
        the Trust shall end.

      

      5.7 Federal
        Income Tax Information.
        As soon
        as practicable after the close of each taxable year, the Trustee shall direct
        its transfer agent to mail to each Person who was a Beneficiary at the close
        of
        the year, a statement showing on a Trust Unit basis in the Trust the dates
        and
        amounts of all distributions made by the Trustee, if any, income earned on
        assets held by the Trust, if any, such other information as is reasonably
        available to the Trustee which the Trustee determines may be helpful in
        determining the amount of gross income and expenses attributable to the Trust
        that such Beneficiary should include in such Person’s federal income tax return
        for the preceding year and any other information as may be required to be
        furnished under the tax laws. In addition, after receipt of a written request
        in
        good faith, or in its discretion without such request or if required by
        applicable law, such transfer agent (or if it cannot, the Trustee) shall
        furnish
        to any Person who has been a Beneficiary at any time during the preceding
        year a
        statement containing such further information as is reasonably available
        to the
        transfer agent or Trustee, respectively, which shall be helpful in determining
        the amount of taxable income which such Person should include in such Person’s
        federal income tax return.

      

      5.8 Employment
        of Manager.

      

      (a) The
        Trustee shall be responsible for the general policies of the Trust and for
        the
        general supervision of the activities of the Trust conducted by all agents,
        employees, advisors or managers of the Trust. However, the Trustee is not
        and
        shall not be required personally to conduct the activities of the Trust,
        and
        consistent with its ultimate responsibility as stated above, the Trustee
        shall
        have the power to appoint, employ or contract with any Person or Persons
        (including any corporation, partnership, or trust in which one or more of
        them
        may be directors, officers, shareholders, partners or trustees) as the Trustee
        may deem necessary or proper for the transaction of the activities of the
        Trust.
        The Trustee may therefore employ or contract with such Person or Persons
        (herein
        referred to as the “Manager”) and may grant or delegate such authority to the
        Manager as the Trustee may in its sole discretion deem necessary or desirable
        to
        carry out the purpose of the Trust without regard to whether such authority
        is
        normally granted or delegated by trustees.

       

            The
        Trustee shall have the power
        to determine the terms and compensation of the Manager or any other Person
        whom
        they may employ or with whom they may contract. The Trustee may exercise
        broad
        discretion in allowing the Manager to administer and regulate the operations
        of
        the Trust, to act as agent for the Trust, to execute documents on behalf
        of the
        Trustee, and to make executive decisions which conform to general policies
        and
        general principles previously established by the Trustee.

      
        
          
          

        

        
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      (b) The
        Manager or other Persons shall not be required to administer the Trust as
        its
        sole and exclusive function and may have other business interests and may
        engage
        in other activities similar or in addition to those relating to the Trust,
        including the rendering of advice or services of any kind to investors or
        any
        other Persons and the management of other investments.

      

      ARTICLE
        VI

      POWERS
        OF
        AND LIMITATIONS ON THE TRUSTEE

      

      6.1 Limitations
        on Trustee.
        Except
        as contemplated by this Agreement, the Trustee shall not at any time, on
        behalf
        of the Trust or the Beneficiaries, enter into or engage in any trade or
        business, and no part of any Trust Assets shall be used or disposed of by
        the
        Trustee in furtherance of any trade or business. Except as the Trustee
        reasonably believes is consistent with and in furtherance of its obligations
        under this Agreement, the Trustee shall be restricted to the holding, collection
        and sale of the Trust Assets and the payment and distribution thereof for
        the
        purposes set forth in this Agreement and to the conservation and protection
        of
        the Trust Assets and the administration thereof in accordance with the
        provisions of this Agreement. In no event shall the Trustee receive any
        property, make any distribution, satisfy or discharge any claims, expenses,
        charges, liabilities and obligations or otherwise take any action which is
        inconsistent with a complete liquidation of the Partnership within the meaning
        of the Internal Revenue Code of 1986, as amended, Treasury Regulations
        promulgated thereunder, and rulings, decisions and determinations of the
        Internal Revenue Service and courts of competent jurisdiction, or take any
        action which would jeopardize the status of the Trust as a “liquidating trust”
for federal income tax purposes within the meaning of Treasury Regulation
        Section 301.7701-4(d). This limitation shall apply regardless of whether
        the
        conduct of any such trade or business is deemed by the Trustee to be necessary
        or proper for the conservation and protection of the Trust Assets. The Trustee
        shall not invest any of the cash held as Trust Assets, except that the Trustee
        may invest in (i) direct obligations of the United States of America or
        obligations of any agency or instrumentality thereof which mature not later
        than
        one year from the date of acquisition thereof; (ii) money market deposit
        accounts, checking accounts, savings accounts, or certificates of deposit,
        commercial paper rated not less than A1P1, or other time deposit accounts
        which
        mature not later than one year from the date of acquisition thereof which
        are
        issued by a commercial bank, brokerage firm or savings institution organized
        under the laws of the United States of America or any state thereof; or
        (iii) other temporary investments not inconsistent with the Trust’s status
        as a liquidating trust for tax purposes (collectively, “Permitted Investments”).
        It is hereby acknowledged that the Trustee shall not be required to maximize
        the
        investment return on the Trust Assets during the term of this Agreement.
        The
        Trustee shall be and hereby is relieved of all liability with respect to
        the
        purchasing, holding or selling of Permitted Investments in accordance with
        the
        terms hereof. The Trustee is not responsible for any losses to the Trust
        which
        may occur, including, without limitation, by reason of bank failure or the
        amount of the Trust exceeding the Federal Deposit Insurance Corporation
        limits.

      

      6.2 Specific
        Powers of the Trustee.
        Subject
        to the provisions of Section 6.1, the Trustee shall have the following specific
        powers in addition to any powers conferred 

      
        
          
          

        

        
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      upon
        them
        by any other Section or provision of this Agreement or any statutory laws
        of the
        State of [Delaware]; provided, however, that the enumeration of the following
        powers shall not be considered in any way to limit or control the power of
        the
        Trustee to act as specifically authorized by any other Section or provision
        of
        this Agreement and to act in such a manner as the Trustee may deem necessary
        or
        appropriate to conserve and protect any Trust Assets or to confer on the
        Beneficiaries the benefits intended to be conferred upon them by this
        Agreement:

      

      (a) To
        determine the nature and amount of the consideration to be received with
        respect
        to the sale or other disposition of, or the grant of interests in, any Trust
        Assets.

      

      (b) To
        collect, liquidate or otherwise convert into cash, or such other property
        as the
        Trustee deems appropriate, all property, assets and rights in any Trust Assets,
        and to pay, discharge and satisfy all other claims, expenses, charges,
        liabilities, and obligations existing with respect to any Trust Assets, the
        Trust or the Trustee.

      

      (c) To
        elect,
        appoint, engage, retain or employ any Persons as agents, representatives,
        employees, or independent contractors (including without limitation real
        estate
        advisors, investment advisors, accountants, transfer agents, custodians,
        attorneys-at-law, managers, appraisers, brokers, or otherwise) in one or
        more
        capacities, and to pay compensation from the Trust Assets for services in
        as
        many capacities as such Person may be so elected, appointed, engaged, retained
        or employed, to prescribe the titles, powers and duties, terms of service
        and
        other terms and conditions of the election, appointment, engagement, retention
        or employment of such Persons and, except as prohibited by law, to delegate
        any
        of the powers and duties of the Trustee to any one or more Trustees, agents,
        representatives, employers, independent contractors or other
        Persons.

      

      (d) To
        retain
        and set aside such funds out of the Trust as the Trustee shall deem necessary
        or
        expedient to pay, or provide for the payment of (i) unpaid claims,
        expenses, charges, liabilities, and obligations of the Trust or the Partnership,
        except to the extent that liabilities for which the Partnership has previously
        reserved Cash Reserve are satisfied with funds from said Cash Reserve;
        (ii) contingencies; and (iii) the expenses of administering the Trust
        Assets.

      

      (e) To
        do and
        perform any and all acts necessary or appropriate for the conservation and
        protection of the Trust Assets, including acts or things necessary or
        appropriate to maintain Trust Assets held by the Trustee pending sale or
        other
        disposition thereof or distribution thereof to the Beneficiaries.

      

      (f) To
        hold
        legal title to property of the Trust in the name of the Trust, or in the
        name of
        the Trustee, or of any other Person, without disclosure of the interest of
        the
        Trust therein.

      

      (g) To
        cause
        any investments of any part of the Trust Assets to be registered and held
        in the
        name of any one or more of its names or in the names of a nominee or nominees
        without increase or decrease of liability with respect thereto.

      
        
          
          

        

        
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      (h) To
        institute or defend actions or declaratory judgments or other actions and
        to
        take such other action, in the name of the Trust or the Partnership or as
        otherwise required, as the Trustee may deem necessary or desirable to enforce
        any instruments, contracts, agreements, causes of action, claims or rights
        relating to or forming a part of the Trust Assets.

      

      (i) To
        determine conclusively from time to time the value of and to revalue the
        securities and other property of the Trust, in accordance with independent
        appraisals or other information as it deems necessary or
        appropriate.

      

      (j) To
        cancel, terminate, or amend any instruments, contracts, agreements, obligations
        or causes of action relating to or forming a part of any Trust Assets, and
        to
        execute new instruments, contracts, agreements, obligations or causes of
        action
        notwithstanding that the terms of any such instruments, contracts, agreements,
        obligations or causes of action may extend beyond the terms of this Trust,
        provided that no such new instrument, contract, agreement, obligation or
        cause
        of action shall permit the Trustee to engage in any activity prohibited by
        Section 6.1.

      

      (k) To
        vote
        by proxy or otherwise on behalf of the Beneficiaries and with full power
        of
        substitution all shares of stock and all securities held by the Trustee
        hereunder and to exercise every power, election, discretion, option and
        subscription right and give every notice, make every demand, and to do every
        act
        or thing in respect to any shares of stock or any securities held by the
        Trustee
        which the Trustee might or could do if the Trustee was the absolute owner
        thereof.

      

      (l) To
        undertake or join in any merger, plan of reorganization, consolidation,
        liquidation, dissolution, readjustment or other transaction of any corporation,
        any of whose shares of stock or other securities, obligations, or properties
        may
        at any time constitute a part of any Trust Assets, and to accept the substituted
        shares of stock, bonds, securities, obligations and properties and to hold
        the
        same in trust in accordance with the provisions hereof.

      

      (m) In
        connection with the sale or other disposition or distribution of any securities
        held by the Trustee, to comply with the applicable federal and state securities
        laws, and to enter into agreements relating to the sale or other disposition
        or
        distribution thereof.

      

      (n) To
        authorize transactions between corporations or other entities whose securities,
        or other interests therein (either in the nature of debt or equity) are held
        by
        the Trustee as part of any Trust Assets.

      

      (o) To
        terminate and dissolve any entities owned by the Trust.

      

      (p) To
        have a
        judicial settlement of its account of the Trust at any time to the extent
        it
        determines necessary or advisable.

      

      (q) To
        perform any act authorized, permitted, or required under any instrument,
        contract, agreement, right, obligation or cause of action relating to or
        forming
        a part of any Trust Assets whether in the nature of an approval, consent,
        

      
        
          
          

        

        
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      demand
        or
        notice thereunder or otherwise, unless such act would require the consent
        of the
        Beneficiaries in accordance with the express provisions of this
        Agreement.

      

      ARTICLE
        VII

      CONCERNING
        THE TRUSTEE,

      BENEFICIARIES,
        EMPLOYEES AND AGENTS

      

      7.1 Generally.
        The
        Trustee accepts and undertakes to discharge the Trust created by this Agreement,
        upon the terms and conditions thereof on behalf of the Beneficiaries. The
        Trustee shall exercise such of the rights and powers vested in it by this
        Agreement, and use the same degree of care and skill in its exercise as a
        prudent man would exercise or use under the circumstances in the conduct
        of his
        own affairs. No provision of this Agreement shall be construed to relieve
        the
        Trustee from liability for its own willful misconduct, knowingly and
        intentionally committed in bad faith, except that:

      

      (a) No
        successor Trustee shall be in any way responsible for the acts or omissions
        of
        the Trustee in office prior to the date on which he or it becomes a
        Trustee.

      

      (b) The
        Trustee shall not be liable for the performance of such duties and obligations
        as are specifically set forth in this Agreement except for its bad faith
        or
        willful misconduct, and no implied covenants or obligations shall be read
        into
        this Agreement against the Trustee.

      

      (c) The
        Trustee may conclusively rely, as to the truth of the statements and the
        correctness of the opinions expressed therein, upon any certificates or opinions
        furnished to the Trustee and conforming to the requirements of this
        Agreement.

      

      (d) The
        Trustee shall not be liable for any act which the Trustee may do or omit
        to do
        hereunder, or for any mistake of fact or law, or for any error of judgment,
        or
        for the misconduct of any employee, agent, representative or attorney appointed
        by it, or for anything that it may do or refrain from doing in connection
        with
        this Agreement while acting in good faith; unless caused by or arising from
        gross negligence, willful misconduct, fraud or any other breach of fiduciary
        duty of the Trustee or any of its employees, agents, representatives or
        attorneys.

       

      (e) The
        duties and obligations of the Trustee shall be limited to and determined
        solely
        by the express provisions of this Agreement, and no implied duties or
        obligations shall be read into this Agreement against the Trustee. 

      

      7.2 Reliance
        by Trustee.
        Except
        as otherwise provided in Section 7.1:

      

      (a) The
        Trustee may rely and shall be protected in acting upon any resolution,
        certificate, statement, instrument, opinion, report, notice, request, consent,
        order, or other paper or document believed by it to be genuine and to have
        been
        signed or presented by the proper party or parties.

      

      (b) The
        Trustee may consult with legal counsel, auditors or other experts to be selected
        by it, including firms with which the Trustee may be an affiliate, and the
        

      
        
          
          

        

        
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      advice
        or
        opinion of such counsel, accountants, auditors or other experts shall be
        full
        and complete protection to the Trustee, the employees and the agents of the
        Trustee in respect of any action taken or omitted or suffered by them in
        good
        faith and in reliance on, or in accordance with, such advice or opinion.
        

      

      (c) Persons
        dealing with the Trustee shall look only to the Trust Assets to satisfy any
        liability relating to the Trust Assets incurred by the Trustee to such Person
        in
        carrying out the terms of this Trust, and the Trustee shall have no obligation
        to satisfy any such liability. 

      

      (d) As
        far as
        practicable and except as expressly permitted above, the Trustee shall cause
        any
        written instrument creating an obligation of the Trust to include a reference
        to
        this Agreement and to provide that neither the Beneficiaries, the Trustee
        nor
        their agents shall be liable thereunder and that the other parties to such
        instrument shall look solely to the Trust Assets for the payment of any claim
        thereunder or the performance thereof; provided, however, that the omission
        of
        such provision from any such instrument shall not render the Beneficiaries,
        the
        Trustee, or their agents liable, nor shall the Trustee be liable to anyone
        for
        such omission.

      

      7.3 Limitation
        on Liability to Third Persons.
        No
        Beneficiary shall be subject to any personal liability whatsoever, in tort,
        contract or otherwise, to any Person in connection with the Trust Assets
        or the
        affairs of this Trust; and neither the Trustee nor any employee or agent
        of this
        Trust shall be subject to any personal liability whatsoever, in tort, contract
        or otherwise, to any Person in connection with any Trust Assets or the affairs
        of this Trust, except for such Person’s own willful misconduct, knowingly and
        intentionally committed in bad faith; and all such other Persons shall look
        solely to any Trust Assets for satisfaction of claims of any nature arising
        in
        connection with the affairs of this Trust. The Trustee shall, at all times,
        maintain insurance for the protection of all Trust Assets, its Beneficiaries,
        the Trustee and its employees and agents in such amount as the Trustee shall
        deem adequate to cover all foreseeable liability to the extent available
        at
        reasonable rates.

      

      7.4 Recitals.
        Any
        written instrument creating an obligation of this Trust shall be conclusively
        taken to have been executed or done by the Trustee, or the employee or agent
        of
        this Trust only in its capacity as Trustee under this Agreement or in his
        capacity as employee or agent of the Trust.

      

      7.5 Indemnification.
        The
        Trustee and each of its employees and agents (each an “Indemnified Person” and
        collectively, the “Indemnified Persons”) shall be indemnified out of all Trust
        Assets against all liabilities and expenses, including amounts paid in
        satisfaction of judgments, in compromise or as fines and penalties, and all
        costs and expenses, including, but not limited to, reasonable counsel fees
        and
        disbursements paid or incurred in investigating or defending against any
        such
        claim, demand, action, suit or proceeding by the Indemnified Persons in
        connection with the defense or disposition of any action, suit or other
        proceeding by the Trust or any other Person, whether civil or criminal, in
        which
        the Indemnified Person may be involved or with which the Indemnified Person
        may
        be threatened while in office or thereafter, by reason of its or his being
        or
        having been such a Trustee, employee or agent; provided, however, that the
        Indemnified Person shall not be entitled to such indemnification in

      
        
          
          

        

        
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      respect
        of any matter as to which the Indemnified Person shall have been adjudicated
        to
        have acted in bad faith or with willful misfeasance or in reckless disregard
        of
        the Indemnified Person’s duties. The rights accruing to any Indemnified Person
        under these provisions shall not exclude any other right to which the
        Indemnified Person may be lawfully entitled. The Trustee may make advance
        payments in connection with indemnification under this Section, provided
        that
        the Indemnified Person shall have given a written undertaking to repay any
        amount advanced to the Indemnified Person and to reimburse the Trust in the
        event it is subsequently determined in a final adjudication by a court of
        law
        that the Indemnified Person is not entitled to such indemnification. The
        Trustee
        may purchase such insurance as it believes, in the exercise of its discretion,
        adequately insures that each Indemnified Person shall be indemnified against
        any
        such loss, liability or damage pursuant to this Section. The rights accruing
        to
        any Indemnified Person by reason of the foregoing shall not be deemed to
        exclude
        any other right to which he may legally be entitled nor shall anything else
        contained herein restrict the right of the Trustee to indemnify or reimburse
        such Indemnified Person in any proper case even though not specifically provided
        for herein, nor shall anything contained herein restrict the right of any
        such
        Indemnified Person to contribution under applicable law. As security for
        the
        timely and full payment and satisfaction of all of the present and future
        obligations of the parties to the Trustee under this Agreement, including
        without limitation the indemnity obligations hereunder, whether joint or
        several, the Trust (and by accepting distributions hereunder, each Beneficiary)
        hereby grants to the Trustee a continuing security interest in and to any
        and
        all of the Trust Assets, whether now existing or hereafter acquired or created,
        together with the products and proceeds thereof, all payments and other
        distributions with respect thereto, and any and all investments, renewals,
        substitutions, modifications and extensions of any and all of the foregoing.
        The
        Trustee shall have all of the rights and remedies of a secured party under
        the
        Uniform Commercial Code. In addition, in the event the Trustee has not received
        any payment, indemnity, reimbursement or other amount due it under this
        Agreement, then, notwithstanding any other term or provision of this Agreement,
        the Trustee may in its discretion set off and apply any of the Trust Assets
        as
        is required to pay and satisfy those obligations. Promptly after the receipt
        by
        the Trustee of notice of any demand or claim or the commencement of any action,
        suit or proceeding, the Trustee shall, if a claim in respect thereof is to
        be
        made against any of the other parties hereto, notify such other parties thereof
        in writing; but the failure by the Trustee to give such notice shall not
        relieve
        any party from any liability which such party may have to the Trustee hereunder.
        Notwithstanding any obligation to make payments and deliveries hereunder,
        the
        Trustee may retain and hold for such time as it reasonably deems necessary
        such
        amount of the Trust Assets as it shall from time to time in its sole discretion
        reasonably deem sufficient to indemnify itself for any such loss or expense
        and
        for any amounts due it hereunder. Except as required by law or as expressly
        provided herein, the Trustee shall be under no duty to institute any suit,
        or to
        take any remedial procedures under this Agreement, or to enter any appearance
        or
        in any way defend any suit in which it may be made a defendant hereunder
        until
        it shall be indemnified as provided above, except as expressly set forth
        herein.

      

      7.6 Rights
        of Trustees, Employees, Independent Contractors and Agents to Own Trust Units
        or
        Other Property and to Engage in Other Business.
        Any
        Trustee, employee, independent contractor or agent may own, hold and dispose
        of
        Trust Units for 

      
        
          
          

        

        
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      its
        or
        his individual account, and may exercise all rights thereof and thereunder
        to
        the same extent and in the same manner as if it were not a Trustee, employee,
        independent contractor or agent. Any Trustee, employee, independent contractor
        or agent may, in his personal capacity or in a capacity of trustee, officer,
        director, shareholder, partner, member, advisor, employee of any Person or
        otherwise, have business interests and holdings similar to or in addition
        to
        those relating to the Trust. Subject to the provisions of Article V hereof,
        any
        Trustee, employee, independent contractor or agent of the Trust may be a
        trustee, officer, director, shareholder, partner, member, advisor, employee
        or
        independent contractor of, or otherwise have a direct or indirect interest
        in,
        any Person who may be engaged to render advice or services to the Trust,
        and may
        receive compensation from such Person as well as compensation as Trustee,
        employee, independent contractor or agent or otherwise hereunder so long
        as such
        interest is disclosed to the Trustee. None of these activities in and of
        themselves shall be deemed to conflict with its duties as Trustee, employee,
        independent contractor or agent.

      

      7.7 Contribution
        Back. In
        the
        event any amount of Trust Assets released to a party under this Agreement
        is
        invalidated, declared to be fraudulent or preferential or must otherwise
        be
        restored or returned by the Trustee in connection with the insolvency,
        bankruptcy or reorganization of such party, whether by order of or settlement
        before any court or other authority or otherwise, such party shall contribute
        back to the Trust an amount such that such party will be affected by that
        invalidation, declaration, restoration or return ratably in proportion to
        the
        distributions it received under this Agreement, together with any related
        assignment, release or other instrument or document the Trustee may request
        to
        restore the status quo
        ante.

       

      

      ARTICLE
        VIII

      PROTECTION
        OF PERSONS DEALING WITH THE TRUSTEE

      

      8.1 Action
        by Trustee.
        All
        action required or permitted to be taken by the Trustee, in its capacity
        as
        Trustee, shall be taken by a written vote, resolution, or other writing signed
        by the Trustee then serving.

      

      8.2 Reliance
        on Statements by the Trustee.
        Any
        Person dealing with the Trustee shall be fully protected in relying upon
        the
        Trustee’s certificate or instrument signed by the Trustee that it has authority
        to take any action under this Trust.

      

       

      ARTICLE
        IX

      COMPENSATION
        OF TRUSTEE

      

      9.1 Amount
        of Compensation.
        The
        compensation of the Trustee shall be in accordance with the terms specified
        on
Schedule A
        hereto
        or upon such other terms and conditions as may be agreed upon by the Trustee
        and
        the Beneficiaries holding Trust Units representing at least a majority of
        the
        aggregate Beneficial Interests. Schedule A
        shall
        apply only to the initial Trustee and, in the event a successor to the initial
        Trustee shall serve, such schedule shall be deleted from this Agreement and
        neither such deletion nor the substitution of a counterpart schedule applicable
        to the successor Trustee shall constitute an amendment of this
        Agreement.

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          

        

      

            
        9.2 Dates
        and Timing of Payment.
        The
        compensation payable to the Trustee pursuant to the provisions of Section
        9.1
        shall be in accordance with Schedule A
        or, if
Schedule A
        is no
        longer in force, at such other times as the Trustee may determine.

      

      9.3 Expenses.
        The
        Trustee shall be reimbursed from the Trust Assets for all expenses reasonably
        incurred by it in the performance of its duties in accordance with this
        Agreement including the reasonable compensation and out-of-pocket expenses
        of
        attorneys, accountants, appraisers, consultants and other persons retained
        by
        the Trustee or the Manager pursuant to the terms of this Agreement.

      

      ARTICLE
        X

      THE
        TRUSTEE AND SUCCESSOR TRUSTEE

      

      10.1 Number
        and Qualification of Trustees.
        Subject
        to the provisions of Section 10.3 relating to the period pending the appointment
        of a successor Trustee, there shall be one Trustee of this Trust, which shall
        be
        a citizen and resident of or a corporation or other entity which is incorporated
        or formed under the laws of a state of the United States and, if a corporation,
        it shall be authorized to act as a corporate fiduciary under the laws of
        the
        State of [Delaware]. The number of Trustees may be increased or decreased
        from
        time to time by the Trustee. 

      

      If
        any
        corporate Trustee shall ever change its name, or shall reorganize or
        reincorporate, or shall merge with or into or consolidate with any other
        corporation or entity, bank or trust company, such corporate Trustee shall
        be
        deemed to be a continuing entity and shall continue to act as a Trustee
        hereunder with the same liabilities, duties, powers, titles, discretions
        and
        privileges as are herein specified for a Trustee.

      

             
        10.2 Resignation
        and Removal.
        Any
        Trustee may resign and be discharged from the Trust hereby created by giving
        written notice thereof to any remaining Trustee or Trustees or by giving
        written
        notice to the Beneficiaries holding Beneficial Interests representing an
        aggregate of at least a majority of the total Beneficial Interests. Such
        resignation shall become effective on the day specified in such notice or
        upon
        the appointment of such Trustee’s successor and such successor’s acceptance of
        such appointment, whichever is earlier. Any Trustee may be removed at any
        time,
        with or without cause, by Beneficiaries having an aggregate Beneficial Interest
        of at least a majority of the total Beneficial Interests in the Trust. All
        obligations of the Trustee hereunder shall cease and terminate on the effective
        date of its resignation and its sole responsibility thereafter shall be to
        hold
        the Trust Assets for a period of thirty (30) calendar days following the
        effective date of resignation, at which time, if a successor Trustee shall
        have
        been appointed and have accepted such appointment in a writing to the
        Beneficiaries, then upon written notice thereof given by a representative
        of the
        Beneficiaries to the resigning Trustee, the resigning Trustee shall deliver
        the
        Trust Assets to the successor Trustee. If a successor Trustee shall not have
        been appointed within a thirty (30) day period from the predecessor Trustee’s
        resignation, for any reason whatsoever, the resigning Trustee shall deliver
        the
        Trust Assets to a court of competent jurisdiction in the county in which
        the
        Trust Assets are there being held and give written notice of the same to
        the
        parties hereto.

      
        
          
          

        

        
          -17-

          
            

          

        

        
          
          

        

      

      The
        resigning Trustee shall be entitled to payment of any unpaid fees (which
        shall
        be pro-rated as of the effective date of the resignation) and expenses and
        to
        reimbursement by the Beneficiaries out of the Trust Assets for any expenses
        incurred in connection with the transfer of the Trust Assets pursuant to
        and in
        accordance with the provisions of this section.

      

      10.3 Appointment
        of Successor.
        Should
        at any time a Trustee resign or be removed, die, become mentally incompetent
        or
        incapable of action (as determined by the Beneficiaries holding Trust Units
        representing an aggregate of at least a majority of the total Beneficial
        Interests in the Trust), or be adjudged bankrupt or insolvent, unless any
        remaining Trustees shall decrease the number of Trustees of the Trust pursuant
        to Section 10.1 hereof, a vacancy shall be deemed to exist and a successor
        shall
        be appointed by any remaining Trustees. If such a vacancy is not filled by
        any
        remaining Trustees within ninety (90) days, the remaining Trustees must notify
        the Beneficiaries of their inability to fill such vacancy, and the Beneficiaries
        may, pursuant to Article XII hereof, call a meeting to appoint a successor
        Trustee by Beneficiaries holding Trust Units representing an aggregate of
        at
        least a majority of the total Beneficial Interests in the Trust. Pending
        the
        appointment of a successor Trustee, the remaining Trustee or Trustees then
        serving may take any action in the manner set forth in Section 8.1.

      

      10.4 Acceptance
        of Appointment by Successor Trustee.
        Any
        successor Trustee appointed hereunder shall execute an instrument accepting
        such
        appointment hereunder and shall deliver one counterpart thereof to each of
        the
        other Trustees and, in case of a resignation, to the resigning Trustee.
        Thereupon such successor Trustee shall, without any further act, become vested
        with all the estates, properties, rights, powers, trusts and duties of his
        or
        its predecessor in the Trust hereunder with like effect as if originally
        named
        therein; but the resigning Trustee shall nevertheless, when requested in
        writing
        by the successor Trustee or by the remaining Trustees, execute and deliver
        an
        instrument or instruments conveying and transferring to such successor Trustee
        upon the trust herein expressed, all the estates, properties, rights, powers
        and
        trusts of such resigning Trustee, and shall duly assign, transfer and deliver
        to
        such successor Trustee all property and money held by it hereunder.

      

      10.5 Bonds.
        No bond
        shall be required of the original Trustee hereunder, and no bond shall be
        required of any successor Trustee hereunder. If a bond is required by law,
        no
        surety or security with respect to such bond shall be required unless required
        by law.

      

      ARTICLE
        XI

      CONCERNING
        THE BENEFICIARIES

      

      11.1 Evidence
        of Action by Beneficiaries.
        Whenever in this Agreement it is provided that the Beneficiaries may take
        any
        action (including the making of any demand or request, the giving of any
        notice,
        consent, or waiver, the removal of a Trustee, the appointment of a successor
        Trustee, or the taking of any other action), the fact that at the time of
        taking
        any such action such Beneficiaries have joined therein may be evidenced
        (i) by any instrument or any number of instruments of similar tenor
        executed by Beneficiaries in person or by agent or attorney appointed in
        writing, or 

      
        
          
          

        

        
          -18-

          
            

          

        

        
          
          

        

      

      (ii) by
        the record of the Beneficiaries voting in favor thereof at any meeting of
        Beneficiaries duly called and held in accordance with the provisions of Article
        XII.

      

      11.2 Limitation
        on Suits by Beneficiaries.
        No
        Beneficiary shall have any right by virtue of any provision of this Agreement
        to
        institute any action or proceeding at law or in equity against any party
        other
        than the Trustees upon or under or with respect to any Trust Assets or the
        agreements relating to or forming part of any Trust Assets, and the
        Beneficiaries do hereby waive any such right.

      

      11.3 Requirement
        of Undertaking.
        The
        Trustee may request any court to require, and any court may in its discretion
        require, in any suit for the enforcement of any right or remedy under this
        Agreement, or in any suit against the Trustee for any action taken or omitted
        by
        it as Trustee, the filing by any party litigant in such suit of an undertaking
        to pay the costs of such suit, and such court may in its discretion assess
        reasonable costs, including reasonable attorneys’ fees, against any party
        litigant in such suit, having due regard to the merits and good faith of
        the
        claims or defenses made by such party litigant; provided, however, that the
        provisions of this Section shall not apply to any suit by the
        Trustee.

      

      ARTICLE
        XII

      MEETING
        OF BENEFICIARIES

      

      12.1 Purpose
        of Meetings.
        A
        meeting of the Beneficiaries may be called at any time and from time to time
        pursuant to the provisions of this Article for the purposes of taking any
        action
        which the terms of this Agreement permit a Beneficiary having a specified
        aggregate Beneficial Interest to take either acting alone or with the
        Trustee.

      

      12.2 Meeting
        Called by Trustee.
        The
        Trustee may at any time call a meeting of the Beneficiaries of the Trust
        to be
        held at such time and at such place within the State of [Delaware]
        (or
        elsewhere if so determined by a majority of the Trustees) as the Trustee
        shall
        determine. Written notice of every meeting of the Beneficiaries shall be
        given
        by the Trustee (except as provided in Section 12.3), which written notice
        will
        set forth the time and place of such meeting and in general terms the action
        proposed to be taken at such meeting, and shall be mailed not more than sixty
        (60) nor less than ten (10) days before such meeting is to be held to all
        of the
        Beneficiaries of record not more than sixty (60) days before the date of
        such
        meeting. The notice shall be directed to the Beneficiaries at their respective
        addresses as they appear in the records of the Trust.

      

      12.3 Meeting
        Called on Request of Beneficiaries.
        Within
        thirty (30) days after written request to the Trustee by Beneficiaries holding
        Trust Units representing at least a majority of the aggregate Beneficial
        Interests to call a meeting of all of the Beneficiaries, which written request
        shall specify in reasonable detail the action proposed to be taken, the Trustee
        shall proceed under the provisions of Section 12.2 to call a meeting of the
        Beneficiaries, and if the Trustee fails to call such meeting within such
        thirty
        (30) day period then such meeting may be called by Beneficiaries holding
        Trust
        Units representing at least a majority of the aggregate Beneficial
        Interests.

      

      12.4 Persons
        Entitled to Vote at Meeting of Beneficiaries.
        Each
        Beneficiary shall be entitled to vote at a meeting of the Beneficiaries of
        the
        Trust either in person or 

      
        
          
          

        

        
          -19-

          
            

          

        

        
          
          

        

      

      by
        his
        proxy duly authorized in writing. The vote of each Beneficiary shall be weighted
        based on the number of Trust Units in the Trust held by each Beneficiary
        determined pursuant to the list described in Section 3.1, as such list is
        amended hereby. The signature of the Beneficiary on such written authorization
        need not be witnessed or notarized.

      

      12.5 Quorum.
        At any
        meeting of Beneficiaries, the presence of Beneficiaries holding Trust Units
        representing at least a majority of the aggregate Beneficial Interests
        sufficient to take action on any matter for the transaction of which such
        meeting was called shall be necessary to constitute a quorum; but if less
        than a
        quorum be present, Beneficiaries having aggregate Beneficial Interests of
        more
        than 50% of the total Beneficial Interests in the Trust of all Beneficiaries
        represented at the meeting may adjourn such meeting with the same effect
        and for
        all intents and purposes as though a quorum had been present.

      

      12.6 Adjournment
        of Meeting.
        Subject
        to Section 12.5 hereof, any meeting of Beneficiaries of the Trust may be
        adjourned from time to time and a meeting may be held at such adjourned time
        and
        place without further notice.

      

      12.7 Conduct
        of Meetings.
        The
        Trustee shall appoint the Chairman and the Secretary of the meeting. The
        vote
        upon any proposal submitted to any meeting of Beneficiaries shall be by written
        ballot. An Inspector of Votes, appointed by the Chairman of the meeting,
        shall
        count all votes cast at the meeting for or against any proposal and shall
        make
        and file with the Secretary of the meeting its verified written
        report.

      

      12.8 Record
        of Meeting.
        A
        record of the proceedings of each meeting of Beneficiaries of the Trust shall
        be
        prepared by the Secretary of the meeting. The record shall be signed and
        verified by the Secretary of the meeting and shall be delivered to the Trustee
        to be preserved by it. Any record so signed and verified shall be conclusive
        evidence of all the matters therein stated.

      

      ARTICLE
        XIII

      AMENDMENTS

      

      13.1 Consent
        of Beneficiaries.
        At the
        direction or with the consent of Beneficiaries holding Trust Units representing
        at least a majority of the aggregate Beneficial Interests, or such greater
        percentage as shall be specified in this Agreement for the taking of an action
        by the Beneficiaries under the affected provision of this Agreement, the
        Trustee
        shall promptly make and execute a declaration amending this Agreement for
        the
        purpose of adding any material provisions to or changing in any material
        manner
        or eliminating any of the material provisions of this Agreement or amendments
        thereto as they apply to the Trust; provided, however, that no such amendment
        shall permit the Trustee to engage in any activity prohibited by Section
        6.1
        hereof or affect the Beneficiaries’ rights to receive their pro
        rata
        shares
        of the Trust Assets at the time of distribution; provided further, however,
        that
        no consent of the Beneficiaries shall be required with respect to any amendment
        made solely for the purpose of facilitating the transferability by Beneficiaries
        of Trust Units or to comply with applicable laws, including tax laws, so
        long as
        such amendment has been approved 

      
        
          
          

        

        
          -20-

          
            

          

        

        
          
          

        

      

      by
        the
        Trustee. Further, the Trustee may amend this Trust Agreement as it deems
        reasonably necessary for the purpose of (i) obtaining no-action letter or
        similar relief from the Securities and Exchange Commission; and/or
        (ii) making changes to this Agreement that do not adversely affect the
        rights of the Beneficiaries.

      

      13.2 Notice
        and Effect of Amendment.
        Promptly after the execution by the Trustee of any such declaration of
        amendment, the Trustee shall give notice of the substance of such amendment
        to
        the Beneficiaries or, in lieu thereof, the Trustee may send a copy of the
        amendment to each Beneficiary. Upon the execution of any such declaration
        of
        amendment by the Trustee, this Agreement shall be deemed to be modified and
        amended in accordance therewith and the respective rights, limitations of
        rights, obligations, duties, and immunities of the Trustee and the Beneficiaries
        under this Agreement with respect to the Trust shall thereafter be determined,
        exercised and enforced hereunder subject in all respects to such modification
        and amendments, and all the terms and conditions of any such amendment shall
        be
        thereby deemed to be part of the terms and conditions of this Agreement for
        any
        and all purposes.

      

      13.3 Trustee’s
        Declining to Execute Documents.
        If, in
        the reasonable opinion of the Trustee, any document required to be executed
        pursuant to the terms of Section 13.2 hereof adversely affects any right,
        obligation, immunity or indemnity in favor of the Trustee under this Agreement,
        the Trustee may in its discretion decline to execute such document.

      

      ARTICLE
        XIV

      MISCELLANEOUS
        PROVISIONS

      

      14.1 Filing
        Documents.
        This
        Agreement shall be filed or recorded in such office or offices as the Trustee
        may determine to be necessary or desirable. A copy of this Agreement and
        all
        amendments thereof shall be maintained in the office of the Trustee and shall
        be
        available at all times during regular business hours for inspection by any
        Beneficiary or his duly authorized representative. The Trustee shall file
        or
        record any amendment of this Agreement in the same places where the original
        Agreement is filed or recorded. The Trustee shall file or record any instrument
        which relates to any change in the office of the Trustee in the same places
        where the original Agreement is filed or recorded.

      

      14.2 Intention
        of Parties to Establish Trust.
        This
        Agreement is not intended to create and shall not be interpreted as creating
        a
        corporation, association, partnership, or joint venture of any kind for purposes
        of federal income taxation or for any other purpose.

      

      14.3 Beneficiaries
        Have No Rights or Privileges as Holders of Partnership Interests.
        Except
        as expressly provided in this Agreement or under applicable law, the
        Beneficiaries shall have no rights or privileges attributable to their former
        status as holders of Partnership Interests.

      

      14.4 Laws
        as to Construction.
        THE
        TRUSTEE, AND THE BENEFICIARIES (BY THEIR ACCEPTANCE OF ANY DISTRIBUTIONS
        MADE TO
        THEM PURSUANT TO THIS AGREEMENT), CONSENT AND AGREE THAT THIS AGREEMENT SHALL
        

       

      
        
          
          

        

        
          -21-

          
            

          

        

        
          
          

        

      

      BE
        GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
        OF
        [DELAWARE], WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. EACH
        OF
        THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
        COURTS OF THE STATE OF [DELAWARE] AND THE UNITED STATES DISTRICT COURT FOR
        ANY
        DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY SUIT, ACTION, PROCEEDING
        OR
        JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT AND THE TRANSACTIONS
        CONTEMPLATED HEREBY. SERVICE OF PROCESS IN CONNECTION WITH ANY SUCH SUIT,
        ACTION
        OR PROCEEDING MAY BE SERVED ON EACH PARTY HERETO ANYWHERE IN THE WORLD BY
        THE
        SAME METHODS AS ARE SPECIFIED FOR THE GIVING OF NOTICES UNDER THIS AGREEMENT.
        EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE JURISDICTION OF ANY
        SUCH
        COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING AND TO THE LAYING OF VENUE IN
        SUCH
        COURT. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF
        VENUE
        OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURTS AND IRREVOCABLY
        WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
        SUCH
        COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO
        AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SHALL BE CONCLUSIVE
        AND
        MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
        OTHER
        MANNER PROVIDED BY LAW. ALL PARTIES WAIVE THE RIGHT TO A JURY TRIAL OF ALL
        SUCH
        DISPUTES, CLAIMS AND DEMANDS.

       

      14.5 Severability.
        In the
        event any provision of this Agreement or the application thereof to any Person
        or circumstances shall be finally determined by a court of proper jurisdiction
        to be invalid or unenforceable to any extent, the remainder of this Agreement,
        or the application of such provision to persons or circumstances other than
        those as to which it is held invalid or unenforceable, shall not be affected
        thereby, and each provision of this Agreement shall be valid and enforced
        to the
        fullest extent permitted by law.

      

      14.6 Notices.
        Any
        notice or other communication by the Trustee to any Beneficiary shall be
        deemed
        to have been sufficiently given, for all purposes, if deposited, postage
        prepaid, in a post office or letter box addressed to such Person at his address
        as shown in the records of the Trust.

      

      All
        notices and other communications hereunder shall be in writing and shall
        be
        deemed to have been duly given if delivered personally or sent by cable,
        telegram, facsimile transmission or telex to the Trustee at the following
        address or at such other addresses as shall be specified by the
        Trustee:

      

      If
        to the
        Trustee:

      

      PLM
        Financial Services, Inc.

      405
        Lexington Avenue, 67th
        Floor

      New
        York,
        NY 10174

      Fax:
        (212) 682-3464

      
        
          
          

        

        
          -22-

          
            

          

        

        
          
          

        

      

      

      14.7 Counterparts.
        This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        an original, but such counterparts shall together constitute but one and
        the
        same instrument.

      

      

      
        
          
          

        

        
          -23-

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the General Partner of the Grantor has caused this Agreement
        to
        be executed by an authorized officer, and the Trustee hereunder has executed
        this Agreement, as Trustee and not as an individual, as of the date first
        set
        forth herein.

      

      

      GRANTOR: PLM
        EQUIPMENT GROWTH FUND V,

      a
        California limited partnership

       

      
        	 	
                By:

              	
                PLM
                  Financial Services, Inc., its General
                  Partner

              

      

       

      By:
        /s/ Richard K Brock

           
         Richard K Brock, Chief Financial Officer

      

       

      

      TRUSTEE: PLM
        FINANCIAL SERVICES, INC.

       

      By: 
        /s/ Richard K Brock

      Richard
        K. Brock, Chief Financial Officer

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

      

      

      SCHEDULE
        OF FEES

      to
        act
        as

      TRUSTEE,
        REGISTRAR, TRANSFER AGENT AND DISTRIBUTION AGENT

      OF
        THE
        LIQUIDATING TRUST

      

      The
        Trustee shall receive no compensation for its services hereunder other than
        an
        amount equivalent to the compensation and other payments that the Trustee
        would
        have received as General Partner of the Partnership for the same or similar
        services undertaken by the Trustee hereunder if the General Partner had
        undertaken such services on behalf of the Partnership. The Trustee shall
        be
        entitled to receive such compensation at the times and in the manner that
        it
        would have received such compensation as General Partner of the
        Partnership.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      

        Exhibit
          A

         

        Bill
          of Sale, Assignment, Acceptance and Assumption Agreement

        

        Transferred
          AssetsPLM Growth Fund VI Liquidating Trust Agreement

     

    

    
      

    

     

    EXHIBIT
      10.2

    
      

    

    

    LIQUIDATING
      TRUST AGREEMENT

    

    

    Dated
      as
      of June 30, 2006

    

    

    

    by
      and
      between

    

    

    

    PLM
      Equipment Growth Fund VI,

    a
      California limited partnership

    

    individually
      as Grantor

    

    

    

    and

    

    

    

    PLM
      Financial Services, Inc.

    

    as
      the
      Trustee

    

    

    

    

    

    

    

    

    

    
      
         

         

        
        

      

      
        -i-

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    ARTICLE
      I: NAME AND DEFINITIONS

     

    1.1 Name 

     

    1.2 Certain
      Terms Defined 

     

    ARTICLE
      II: NATURE OF TRANSFER

     

    2.1 Purpose
      of Trust 

     

    2.2 Prohibited
      Activities 

     

    2.3 No
      Reversion to the Partnership 

     

    2.4 Payment
      of Liabilities 

     

    2.5 Bill
      of
      Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further
      Assurance 

     

    2.6 Incidents
      of Ownership 

     

    2.7 Notice
      to
      Unlocated Holders of Partnership Interests 

     

    ARTICLE
      III: BENEFICIARIES

     

    3.1 Beneficial
      Interests 

     

    3.2 Rights
      of
      Beneficiaries 

     

    3.3 No
      Transfer of Interests of Beneficiaries 

     

    3.4 Trustee
      as Beneficiary 

     

    ARTICLE
      IV: DURATION AND TERMINATION OF TRUST

     

    4.1 Duration 

     

    4.2 Other
      Obligations of the Trustee upon Termination 

     

    ARTICLE
      V: ADMINISTRATION OF TRUST ASSETS

     

    5.1 Sale
      of
      Trust Assets 

     

    5.2 Transactions
      with Related Persons 

     

    5.3 Payment
      of Claims, Expenses and Liabilities 

    
      
         

        
        

      

      
        -ii-

        
          

        

      

      
        
        

      

    

     

    5.4 Interim
      Distributions 

     

    5.5 Final
      Distribution 

     

    5.6 Reports
      to Beneficiaries and Others 

     

    5.7 Federal
      Income Tax Information 

     

    5.8 Employment
      of Manager 

     

    ARTICLE
      VI: POWERS OF AND LIMITATIONS ON THE TRUSTEE

     

    6.1 Limitations
      on Trustee 

     

    6.2 Specific
      Powers of the Trustee 

     

    ARTICLE
      VII: CONCERNING THE TRUSTEE, BENEFICIARIES, EMPLOYEES AND AGENTS

     

    7.1 Generally 

     

    7.2 Reliance
      by Trustee 

     

    7.3 Limitation
      on Liability to Third Persons 

     

    7.4 Recitals 

     

    7.5 Indemnification 

     

    7.6 Rights
      of
      Trustees, Employees, Independent Contractors and Agents to Own Trust Units
      or
      Other Property and to Engage in Other Business 

     

    7.7 Contribution
      Back 

     

    ARTICLE
      VIII: PROTECTION OF PERSONS DEALING WITH THE TRUSTEE

     

    8.1 Action
      by
      Trustee 

     

    8.2 Reliance
      on Statements by the Trustee 

     

    ARTICLE
      IX: COMPENSATION OF TRUSTEE

     

    9.1 Amount
      of
      Compensation 

     

    9.2 Dates
      and
      Timing of Payment 

     

    9.3 Expenses 

    
      
         

        
        

      

      
        -iii-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      X: THE TRUSTEE AND SUCCESSOR TRUSTEE

     

    10.1 Number
      and Qualification of Trustees 

     

    10.2 Resignation
      and Removal 

     

    10.3 Appointment
      of Successor 

     

    10.4 Acceptance
      of Appointment by Successor Trustee 

     

    10.5 Bonds 

     

    ARTICLE
      XI: CONCERNING THE BENEFICIARIES

     

    11.1 Evidence
      of Action by Beneficiaries 

     

    11.2 Limitation
      on Suits by Beneficiaries 

     

    11.3 Requirement
      of Undertaking 

     

    ARTICLE
      XII: MEETING OF BENEFICIARIES

     

    12.1 Purpose
      of Meetings 

     

    12.2 Meeting
      Called by Trustee 

     

    12.3 Meeting
      Called on Request of Beneficiaries 

     

    12.4 Persons
      Entitled to Vote at Meeting of Beneficiaries 

     

    12.5 Quorum 

     

    12.6 Adjournment
      of Meeting 

     

    12.7 Conduct
      of Meetings 

     

    12.8 Record
      of
      Meeting 

     

    ARTICLE
      XIII: AMENDMENTS

     

    13.1 Consent
      of Beneficiaries 

     

    13.2 Notice
      and Effect of Amendment 

     

    13.3 Trustee’s
      Declining to Execute Documents 

     

    
      
        
        

      

      
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    ARTICLE
      XIV: MISCELLANEOUS PROVISIONS

     

    14.1 Filing
      Documents 

     

    14.2 Intention
      of Parties to Establish Trust 

     

    14.3 Beneficiaries
      Have No Rights or Privileges as Holders of Partnership Interests 

     

    14.4 Laws
      as
      to Construction 

     

    14.5 Severability 

     

    14.6 Notices 

     

    14.7 Counterparts. 

    

    

    

    

    SCHEDULE
      A: Schedule
      of Fees

    

    EXHIBIT
      A: Form
      of
      Bill of Sale, Assignment, Acceptance and Assumption Agreement

    

    

    
      
        
           

        

        
        

      

      
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    LIQUIDATING
      TRUST AGREEMENT

    

    

    This
      LIQUIDATING TRUST AGREEMENT (this “Agreement”), dated as of June 30, 2006
      (the “Effective Date”), by and between PLM Equipment Growth Fund VI, a
      California limited partnership, as Grantor (the “Partnership”), and PLM
      Financial Services, Inc., a Delaware corporation, as Trustee (the
“Trustee”).

    

    WHEREAS,
      the Partnership was organized for the objectives and purposes of owning and
      leasing, and otherwise dealing with equipment and other personal property;
      and

    

    WHEREAS,
      the terms of that certain
      Amended and Restated Limited Partnership Agreement, dated as of
      December 20, 1991, which was further amended pursuant to that certain First
      Amendment to the Amended and Restated Limited Partnership Agreement dated as
      of
      November 21, 1996, and by that certain Second Amendment to the Amended and
      Restated Limited Partnership Agreement dated as of August 24, 2001
      (collectively, the “Partnership Agreement”); and provide
      that the Partnership be dissolved upon the determination by PLM Financial
      Services, Inc., a Delaware corporation, General Partner of the Partnership
      (the
“General Partner”) that it is necessary to commence the liquidation of the
      assets of the Partnership in order for the liquidation of all of the assets
      to
      be completed in an orderly and businesslike fashion prior to January 1,
      2007; and 

    

    WHEREAS,
      as of the date hereof, the General Partner has made such determination; and
      

    

    WHEREAS,
      the General Partner believes it to be in the best interest of the Partnership
      to
      complete the liquidation of the Partnership by transferring all remaining assets
      of the Partnership (the “Retained Assets”) to a liquidating trust (the “Trust”)
      with PLM Financial Services, Inc., serving as its initial trustee (the
“Trustee”), including a cash reserve set aside for the contingent and existing
      obligations of the Partnership (the “Cash Reserve”); and 

    

    WHEREAS,
      the Trustee shall administer the Liquidating Trust pursuant to the terms of
      this
      Agreement and, upon satisfaction of all liabilities and obligations of the
      Partnership and the Liquidating Trust, the Trustee shall distribute the residue
      of the proceeds of the liquidation of the assets of the Partnership in
      accordance with the terms hereof;

    

    NOW,
      THEREFORE, for good and valuable consideration, the receipt and sufficiency
      of
      which are hereby acknowledged, the Partnership hereby agrees to grant, release,
      assign, convey and deliver unto the Trustee for the benefit of the Beneficiaries
      (as hereinafter defined), all of the right, title and interest of the
      Partnership in and to the Retained Assets for the uses and purposes stated
      herein on the Effective Date, subject to the terms and provisions set out below,
      and the Trustee hereby agrees to accept
      such Retained Assets and such Trust, subject to the following terms and
      provisions:

    

     

    
      
        
        

      

      
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    ARTICLE
      I

    NAME
      AND
      DEFINITIONS

    

    1.1 Name.
      This
      Trust shall be known as the PLM Equipment Growth Fund VI Liquidating
      Trust.

    

    1.2 Certain
      Terms Defined.
      For all
      purposes of this instrument, unless the context otherwise requires:

    

    (a) “Affiliated
      Person”
shall
      mean a Person (i) who in his individual capacity is a director, trustee,
      officer, partner or employee of the Manager or of a Person who controls, is
      controlled by or is under common control with the Manager or (ii) who
      controls, is controlled by or is under common control with the
      Manager.

    

    (b) “Agreement”
shall
      mean this instrument as originally executed or as it may from time to time
      be
      amended pursuant to the terms hereof.

    

    (c) “Beneficial
      Interest”
shall
      mean each Beneficiary’s proportionate share of the Trust Assets in the Trust
      determined by the ratio of the number of Partnership Interests held by the
      Initial Beneficiary on the close of business on the Record Date in the
      Partnership over the total number of Partnership Interests existing on such
      Record Date in the Partnership and thereafter each Beneficiary’s proportional
      beneficial interest in the Trust represented by Trust Units.

    

    (d) “Beneficiaries”
shall
      mean the holders of Trust Units from time to time on or after the Record Date,
      including the Initial Beneficiaries and the Subsequent
      Beneficiaries.

    

    (e) “Cash
      Reserve”
shall
      mean a cash reserve set aside by the General Partner for the contingent and
      existing obligations of the Partnership.

    

    (f) “Grantor”
shall
      mean the Partnership.

    

    (g) “Initial
      Beneficiaries”
shall
      mean the initial holders of Trust Units.

    

    (h) “Liquidating
      Trust”
shall
      mean the liquidating trust maintained by the Trustee holding the Trust Assets
      of
      the Partnership, identified as the “PLM Equipment Growth Fund VI Liquidating
      Trust”; also referred to herein as the “Trust.”

    

    (i) “Manager”
shall
      mean such Person or Persons who have been employed by, or who have contracted
      with, the Trustee to assist in the management of the Trust, and for the
      avoidance of doubt, the Manager may be the General Partner or any affiliate
      of
      the General Partner.

    

    (j) “Partnership
      Interests”
shall
      mean the limited and general partnership interests in the Partnership held
      by
      each of the Beneficiaries as of the Record Date.

    
      
         

        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    (k) “Person”
shall
      mean an individual, a corporation, a partnership, an association, a joint stock
      company, a limited liability company, a trust, a joint venture, any
      unincorporated organization, or a government or political subdivision
      thereof.

    

    (l) “Record
      Date”
shall
      mean the date selected by the Grantor for determination of the holders of
      Partnership Interests entitled to become Beneficiaries.

    

    (m) “Related
      Person”
shall
      have the meaning set forth in Section 5.2.

    

    (n) “Subsequent
      Beneficiaries”
shall
      mean Beneficiaries as reflected on the books and records of the Trust from
      time
      to time after the Effective Date, other than the Initial
      Beneficiaries.

     

    (o) “Trust”
shall
      mean the Trust created by this Agreement.

     

    (p) “Trust
      Assets”
shall
      mean all the property held from time to time by the Trustee under this
      Agreement, which initially shall consist of the Retained Assets of the
      Partnership granted, assigned and conveyed to the Trustee by the Partnership
      including, but not limited to, the Cash Reserve, and, in addition, shall
      thereafter include all proceeds and other receipts of, from, or attributable
      to
      any assets, causes of actions or claims held by the Trust.

     

    (q) “Trust
      Units”
shall
      mean those equal, undivided portions into which the Beneficial Interests in
      the
      Trust Assets are divided, as evidenced on the books and records of the
      Trust.

     

    (r) “Trustee”
shall
      mean the original Trustee under this Agreement and its successor(s), if
      any.

    

    ARTICLE
      II

    NATURE
      OF
      TRANSFER

    

    2.1 Purpose
      of Trust.

    

    (a) It
      is
      expected that the Partnership shall dissolve and liquidate prior to fully
      winding up its affairs, including, but not limited to, the sale of its remaining
      assets, the collection of any receivables and the payment of any unsatisfied
      debts, claims, liabilities, commitments, suits and other obligations, whether
      contingent or fixed or otherwise (the “Liabilities”), except for such
      Liabilities for which the Partnership has previously reserved by the allocation
      of the Cash Reserve as described in the recitals hereto. The Trust hereby is
      organized for the sole purpose of winding up the affairs of the Partnership
      as
      promptly as reasonably possible and with no objective to continue or engage
      in
      the conduct of a trade or business.

    

    (b) The
      Cash
      Reserve and Retained Assets to be granted, assigned and conveyed to the Trustee
      as of the Effective Date will be held in the Trust, and the Trustee will:
      (i) further liquidate the Trust Assets as it deems necessary to carry out
      the purpose of the Trust and facilitate distribution of the Trust Assets;
      (ii) protect, conserve and manage the Trust Assets in accordance with the
      terms and conditions hereof;
      and (iii) distribute the Trust Assets in accordance with the terms and
      conditions hereof.

    

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (c) It
      is
      intended that the granting, assignment and conveyance of the Cash Reserve and
      the Retained Assets by the Partnership to the Trustee pursuant hereto shall
      be
      treated for federal and state income tax purposes as if the Partnership made
      such distributions directly to the holders of Partnership Interests. It is
      further intended that for federal, state and local income tax purposes the
      Trust
      shall be treated as a liquidating trust under Treasury Regulation Section
      301.7701-4(d) and any analogous provision of state or local law, and the
      Beneficiaries shall be treated as the owners of their respective share of the
      Trust pursuant to Sections 671 through 679 of the Code and any analogous
      provision of state or local law and shall be taxed on their respective share
      of
      the Trust’s taxable income (including both ordinary income and capital gains)
      pursuant to Section 671 of the Code and any analogous provision of state or
      local law. The Trustee shall file all tax returns required to be filed with
      any
      governmental agency consistent with this position, including, but not limited
      to, any returns required of grantor trusts pursuant to Section 1.671-4(a) of
      the
      Income Tax Regulations. The Partnership agrees that a transfer agent acting
      on
      its behalf may prepare and file applicable K-1’s respecting the Beneficiaries’
Partnership income. To the extent that the Trustee becomes liable for the
      payment of taxes, including withholding taxes, in respect of income derived
      from
      the investment of funds held hereunder or any payment made hereunder
      (collectively, the “Taxes”), the Trustee may pay such Taxes. The Trustee may
      withhold from any payment of the Trust Assets such amount as the Trustee
      estimates to be sufficient to provide for the payment of such Taxes not yet
      paid, and may use the sum withheld for that purpose. The Trustee shall be
      indemnified and held harmless against any liability for Taxes and for any
      penalties or interest in respect of Taxes on such investment income or payments
      in the manner provided herein.

    

    2.2 Prohibited
      Activities.
      (a) The
      Trust shall not continue or engage in the conduct of any trade or business,
      except as necessary for the orderly liquidation of the Trust Assets. The Trust’s
      activities will be limited to the holding, collection and sale of the Trust
      Assets.

    

    (b) The
      Trustee shall not take any action to facilitate or encourage any trading in
      the
      Beneficial Interests or in any instrument tied to the value of the Beneficial
      Interests. Further, the Trustee will require each of its Affiliated Persons
      to
      refrain from taking any such action.

    

    2.3 No
      Reversion to the Partnership.
      In no
      event shall any part of the Trust Assets revert to or be distributed to the
      Partnership.

    

    2.4 Payment
      of Liabilities.
      To the
      extent that there are available Trust Assets in the Trust, the Trust hereby
      agrees to assume all Liabilities of the Partnership on the Effective Date.
      Should any Liability be asserted against the Trust as the transferee of the
      Trust Assets or as a result of the assumption made in this paragraph, the
      Trustee may use such part of the Trust Assets as may be necessary in contesting
      any such Liability or in payment thereof. 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 or to any other Trust Assets, in the event the Trust
      Assets are not sufficient to satisfy the Liabilities asserted against or payable
      out of the Partnership’s available Trust Assets in the Trust.

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    2.5 Bill
      of Sale, Assignment, Acceptance and Assumption Agreement; Instruments of Further
      Assurance.
      On the
      Effective Date, the Partnership and the Trust shall execute a Bill of Sale,
      Assignment, Acceptance and Assumption Agreement conveying the Retained Assets,
      Cash Reserve and Liabilities to the Trust, a form of which is attached as
Exhibit A
      hereto.
      After the dissolution of the Partnership, such Persons as shall have the right
      and power to so act, will, upon reasonable request of the Trustee, execute,
      acknowledge, and deliver such further instruments and do such further acts
      as
      may be necessary or proper to carry out effectively the purposes of this
      Agreement, to confirm or effectuate the transfer to the Trustee of any property
      intended to be covered hereby, and to vest in the Trustee, its successors and
      assigns, the estate, powers, instruments or funds in trust
      hereunder.

    

    2.6 Incidents
      of Ownership.
      The
      holders of Partnership Interests as of the Record Date shall be the Initial
      Beneficiaries of the Trust as holders of Trust Units in the Trust, and the
      Trustee shall retain only such incidents of legal ownership as are necessary
      to
      undertake the actions and transactions authorized herein.

    

    2.7 Notice
      to Unlocated Holders of Partnership Interests.
      If the
      Trust holds Trust Assets for unlocated holders of any Partnership Interests,
      due
      notice shall be given to such holders of Partnership Interests in accordance
      with [Delaware] law.

    

    

    ARTICLE
      III

    BENEFICIARIES

    

    3.1 Beneficial
      Interests.

    

    (a) The
      Beneficial Interest of each Initial Beneficiary hereof shall be determined
      by
      the Partnership in accordance with a certified copy of the Partnership’s list of
      Partnership Unit holders as of the Record Date (the “List”). The Partnership
      will deliver the certified copy of the List to the Trustee within a reasonable
      time after the Record Date specifying the Beneficial Interests of each Initial
      Beneficiary in the Partnership. For ease of administration, the List shall
      express the Beneficial Interest of each Initial Beneficiary in terms of units
      and it is intended that each unit shall represent one Trust Unit in the
      Trust.

    

    (b) In
      the
      case of the Partnership Unit holders, customary institutional book-entry or
      other records or any other evidence of ownership satisfactory to the Trustee
      will be deemed to evidence the Beneficial Interest in the Trust of each such
      Beneficiary.

    

    (c) If
      any
      conflicting claims or demands are made or asserted with respect to the ownership
      of any Trust Units, or if there should be any disagreement between the
      transferees, assignees, heirs, representatives or legatees succeeding to all
      or
      part of the interest of any Beneficiary resulting in adverse claims or demands
      being made in connection with such Trust Units, then, in any of such events,
      the
      Trustee shall be entitled,
      at its sole election, to refuse to comply with any such conflicting claims
      or
      demands. In so refusing, the Trustee may elect to make no payment or
      distribution with respect to such Trust Units, or to make such payment to a
      court of competent jurisdiction or an escrow agent, and in so doing the Trustee
      shall not be or become liable to any of such parties for their failure or
      refusal to comply with any of such conflicting claims or demands, nor shall
      the
      Trustee be liable for interest on any funds which it may so withhold. The
      Trustee shall be entitled to refrain and refuse to act until either (i) the
      rights of the adverse claimants have been adjudicated by a final judgment of
      a
      court of competent jurisdiction, (ii) all differences have been adjusted by
      valid written agreement between all of such parties, and the Trustee shall
      have
      been furnished with an executed counterpart of such agreement, or
      (iii) there is furnished to the Trustee a surety bond or other security
      satisfactory to the Trustee, as it shall deem appropriate, to fully indemnify
      it
      as between all conflicting claims or demands.

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    

    3.2 Rights
      of Beneficiaries.
      Each
      Beneficiary shall be entitled to participate in the rights and benefits due
      to a
      Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary
      shall take and hold the same subject to all the terms and provisions of this
      Agreement. The interest of the Beneficiary hereby is declared and shall be
      in
      all respects personal property and upon the death of an individual Beneficiary,
      his Beneficial Interest shall pass as personal property to his legal
      representative and such death shall in no way terminate or affect the validity
      of this Agreement, provided that the Trustee shall not be required to evidence
      a
      book entry transfer of a deceased Beneficiary’s Beneficial Interest to his legal
      representative until the Trustee shall have received Letters Testamentary or
      Letters of Administration and written notice of the death of the deceased
      Beneficiary. A Beneficiary shall have no title to, right to, possession of,
      management of, or control of, the Trust Assets except as herein expressly
      provided. No widower, widow, heir, or devisee of any person who may be a
      Beneficiary shall have any right of dower, homestead, or inheritance, or of
      partition, or of any other right, statutory or otherwise, in any property
      forming a part of Trust Assets but the whole title to the Trust Assets shall
      be
      vested in the Trustee and the sole interest of the applicable Beneficiaries
      shall be the rights and benefits given to such Persons under this Agreement.
      

    

    3.3 No
      Transfer of Interests of Beneficiaries.
      The
      Beneficial Interest of a Beneficiary may not be transferred by any Beneficiary
      in person or by a duly authorized agent or attorney, or by the properly
      appointed legal representatives of the Beneficiary, nor may a Beneficiary have
      authority or power to sell, assign, transfer, encumber, or in any other manner
      dispose of his Beneficial Interest; provided, however, that the Beneficial
      Interest shall be assignable or transferable by will, intestate succession,
      or
      operation of law.

    

    Except
      as
      may be otherwise required by law, the Beneficial Interests of the Beneficiaries
      hereunder shall not be subject to attachment, execution, sequestration or any
      order of a court, nor shall such interests be subject to the contracts, debts,
      obligations, engagements or liabilities of any Beneficiary, but the interest
      of
      a Beneficiary shall be paid by the Trustee to the Beneficiary free and clear
      of
      all assignments, attachments, anticipations, levies, executions, decrees and
      sequestrations and shall become the property of the Beneficiary only when
      actually received by such Beneficiary.

    
      
         

        
        

      

      
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    3.4 Trustee
      as Beneficiary.
      The
      Trustee, either individually or in a representative or fiduciary capacity,
      may
      be a Beneficiary to the same extent as if it were not a Trustee hereunder and
      shall have all the rights of a Beneficiary, including, without limitation,
      the
      right to vote and to receive distributions, to the same extent as if it was
      not
      the Trustee hereunder.

    

    

    ARTICLE
      IV

    DURATION
      AND TERMINATION OF TRUST

    

    4.1 Duration.
      The
      existence of this Trust shall terminate upon the earliest of (i) a
      termination required by the applicable laws of the State of [Delaware],
      (ii) the termination due to the distribution of all Trust Assets as
      provided in Section 5.5, or (iii) June 30, 2008; provided, however,
      that the Trustee, in its discretion, may extend the existence of this Trust
      to
      such later date as it may designate, if it determines that an extension is
      reasonably necessary to pay or make provision for then known liabilities, actual
      or contingent.

    

    4.2 Other
      Obligations of the Trustee upon Termination.
      Upon
      distribution of all the Trust Assets, the Trustee shall provide for the
      retention of all necessary books, records, lists of holders of Trust Units
      in
      the Trust, certificates and files that shall have been delivered to or created
      by the Trustee for a period of ten (10) years thereafter, at the Trustee’s
      discretion, all of such records and documents may be destroyed. Except as
      otherwise specifically provided herein, upon the distribution of all Trust
      Assets in the Trust, the Trustee shall have no further duties or obligations
      hereunder.

    

    

    ARTICLE
      V

    ADMINISTRATION
      OF TRUST ASSETS

    

    5.1 Sale
      of Trust Assets.
      The
      Trustee is hereby authorized and directed, at such times as it may deem
      appropriate, to transfer, assign, or otherwise dispose of all or any part of
      the
      Trust Assets in the Trust as it deems appropriate at public auction or at
      private sale for cash, securities or other property, or upon credit (either
      secured or unsecured as the Trustee shall determine).

    

    5.2 Transactions
      with Related Persons.
      Notwithstanding any other provisions of this Agreement, the Trustee shall not
      knowingly, directly or indirectly, sell or otherwise transfer all or any part
      of
      any Trust Assets to, or contract with, (i) itself or any other Trustee or
      an employee or agent (acting in its or their individual capacities) of this
      Trust, or (ii) any Person of which any Trustee, employee or agent of this
      Trust is an affiliate by reason of being a trustee, director, officer, partner
      or direct or indirect beneficial owner of 5% or more of the outstanding capital
      stock, shares or other equity interest of such Persons (each of the persons
      referred to in (i) and (ii) above, a “Related Person”). Notwithstanding the
      foregoing, in any circumstance where an asset or a direct or indirect interest
      in an asset is jointly-owned by a Related Person and the Partnership on the
      date
      hereof and such asset or the Partnership’s interest in such asset becomes a
      Trust Asset, the Trustee may sell or otherwise transfer such Trust Asset
      to
      such Related Person pursuant to any contractual arrangement with such Related
      Person.

    

    
      
        
        

      

      
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    5.3 Payment
      of Claims, Expenses and Liabilities.
      Provided the Trustee has been advised in writing respecting such claims,
      expenses, charges, liabilities and obligations, the Trustee shall pay from
      the
      Trust Assets in the Trust all claims, expenses, charges, liabilities, and
      obligations of the Trust Assets and all Liabilities relating to the Trust Assets
      and obligations which the Trustee specifically assumes and agrees to pay
      pursuant to this Agreement and such transferee liabilities which the Trustee
      may
      be obligated to pay as transferees of the Trust Assets in the Trust, including
      among the foregoing, and without limiting the generality of the foregoing,
      interest, penalties, taxes, assessments, and public charges of every kind and
      nature and the costs, charges, and expenses connected with or growing out of
      the
      execution or administration of this Trust and such other payments and
      disbursements as are provided in this Agreement or which may be determined
      to be
      a proper charge against the Trust Assets in the Trust by the
      Trustee.

    

    5.4 Interim
      Distributions.
      At such
      times as may be determined by it in its sole discretion, the Trustee shall
      distribute, or cause to be distributed, to the Beneficiaries, in proportion
      to
      the number of Trust Units held by each Beneficiary relating to the Trust, such
      cash or other property comprising a portion of the Trust Assets as the Trustee
      may in its sole discretion determine may be distributed without detriment to
      the
      conservation and protection of the Trust Assets in the Trust.

    

    5.5 Final
      Distribution.
      If the
      Trustee determines that the Liabilities and all other claims, expenses, charges,
      liabilities and obligations of the Trust have been paid or discharged, or if
      the
      existence of the Trust shall terminate pursuant to Section 4.1, the Trustee
      shall, as expeditiously as is consistent with the conservation and protection
      of
      the Trust Assets, distribute the Trust Assets to the Beneficiaries in proportion
      to the number of Trust Units held by each Beneficiary in the Trust based on
      the
      list submitted to the Trustee by the Partnership pursuant to Section 3.1 above,
      as such list may be amended. The Trustee shall hold in the Trust and thereafter
      make disposition of all liquidating distributions and other payments due any
      Beneficiaries who have not been located, in accordance with [Delaware] law,
      subject to applicable state laws regarding escheat and abandoned property.
      It is
      understood that the Trustee and the Beneficiary’s bank in any funds transfer may
      rely solely upon any account numbers or similar identifying number provided
      by
      the parties hereto to identify (i) the Beneficiary, (ii) the Beneficiary’s bank,
      or (iii) an intermediary bank. The Trustee may apply any of the Trust Assets
      for
      any payment order it executes using any such identifying number, even where
      its
      use may result in a person other than the Beneficiary being paid, or the
      transfer of funds to a bank other than the Beneficiary’s bank, or an
      intermediary bank designated.

    

    5.6 Reports
      to Beneficiaries and Others.
      As soon
      as practicable after the end of each taxable year of the Trust and after
      termination of the Trust, the Trustee shall submit a written report and account
      to the Beneficiaries showing (i) the assets and liabilities of the Trust at
      the end of such taxable year or upon termination and the receipts and
      disbursements of the Trustee for such taxable year or period, (ii) any
      changes in the Trust Assets which they have not previously reported, and
      (iii) any action
      taken by the Trustee in the performance of its duties under this Agreement
      which
      it has not previously reported and which, in its opinion, materially affects
      the
      Trust Assets. The Trustee may submit similar reports for such interim periods
      during the taxable year as it deems advisable or as may be required by the
      Securities and Exchange Commission. The taxable year of the Trust shall end
      on
      December 31 of each year unless the Trustee deems it advisable to establish
      some other date as the date on which the taxable year of the Trust shall
      end.

    

    
      
        
        

      

      
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    5.7 Federal
      Income Tax Information.
      As soon
      as practicable after the close of each taxable year, the Trustee shall direct
      its transfer agent to mail to each Person who was a Beneficiary at the close
      of
      the year, a statement showing on a Trust Unit basis in the Trust the dates
      and
      amounts of all distributions made by the Trustee, if any, income earned on
      assets held by the Trust, if any, such other information as is reasonably
      available to the Trustee which the Trustee determines may be helpful in
      determining the amount of gross income and expenses attributable to the Trust
      that such Beneficiary should include in such Person’s federal income tax return
      for the preceding year and any other information as may be required to be
      furnished under the tax laws. In addition, after receipt of a written request
      in
      good faith, or in its discretion without such request or if required by
      applicable law, such transfer agent (or if it cannot, the Trustee) shall furnish
      to any Person who has been a Beneficiary at any time during the preceding year
      a
      statement containing such further information as is reasonably available to
      the
      transfer agent or Trustee, respectively, which shall be helpful in determining
      the amount of taxable income which such Person should include in such Person’s
      federal income tax return.

    

    5.8 Employment
      of Manager.

    

    (a) The
      Trustee shall be responsible for the general policies of the Trust and for
      the
      general supervision of the activities of the Trust conducted by all agents,
      employees, advisors or managers of the Trust. However, the Trustee is not and
      shall not be required personally to conduct the activities of the Trust, and
      consistent with its ultimate responsibility as stated above, the Trustee shall
      have the power to appoint, employ or contract with any Person or Persons
      (including any corporation, partnership, or trust in which one or more of them
      may be directors, officers, shareholders, partners or trustees) as the Trustee
      may deem necessary or proper for the transaction of the activities of the Trust.
      The Trustee may therefore employ or contract with such Person or Persons (herein
      referred to as the “Manager”) and may grant or delegate such authority to the
      Manager as the Trustee may in its sole discretion deem necessary or desirable
      to
      carry out the purpose of the Trust without regard to whether such authority
      is
      normally granted or delegated by trustees.

     

           
      The Trustee shall have the power to determine the terms and compensation of
      the
      Manager or any other Person whom they may employ or with whom they may contract.
      The Trustee may exercise broad discretion in allowing the Manager to administer
      and regulate the operations of the Trust, to act as agent for the Trust, to
      execute documents on behalf of the Trustee, and to make executive decisions
      which conform to general policies and general principles previously established
      by the Trustee.

    

    
      
         

        
        

      

      
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    (b) The
      Manager or other Persons shall not be required to administer the Trust as its
      sole and exclusive function and may have other business interests and may engage
      in other activities similar or in addition to those relating to the Trust,
      including the rendering of advice or services of any kind to investors or any
      other Persons and the management of other investments.

    

    ARTICLE
      VI

    POWERS
      OF
      AND LIMITATIONS ON THE TRUSTEE

    

    6.1 Limitations
      on Trustee.
      Except
      as contemplated by this Agreement, the Trustee shall not at any time, on behalf
      of the Trust or the Beneficiaries, enter into or engage in any trade or
      business, and no part of any Trust Assets shall be used or disposed of by the
      Trustee in furtherance of any trade or business. Except as the Trustee
      reasonably believes is consistent with and in furtherance of its obligations
      under this Agreement, the Trustee shall be restricted to the holding, collection
      and sale of the Trust Assets and the payment and distribution thereof for the
      purposes set forth in this Agreement and to the conservation and protection
      of
      the Trust Assets and the administration thereof in accordance with the
      provisions of this Agreement. In no event shall the Trustee receive any
      property, make any distribution, satisfy or discharge any claims, expenses,
      charges, liabilities and obligations or otherwise take any action which is
      inconsistent with a complete liquidation of the Partnership within the meaning
      of the Internal Revenue Code of 1986, as amended, Treasury Regulations
      promulgated thereunder, and rulings, decisions and determinations of the
      Internal Revenue Service and courts of competent jurisdiction, or take any
      action which would jeopardize the status of the Trust as a “liquidating trust”
for federal income tax purposes within the meaning of Treasury Regulation
      Section 301.7701-4(d). This limitation shall apply regardless of whether the
      conduct of any such trade or business is deemed by the Trustee to be necessary
      or proper for the conservation and protection of the Trust Assets. The Trustee
      shall not invest any of the cash held as Trust Assets, except that the Trustee
      may invest in (i) direct obligations of the United States of America or
      obligations of any agency or instrumentality thereof which mature not later
      than
      one year from the date of acquisition thereof; (ii) money market deposit
      accounts, checking accounts, savings accounts, or certificates of deposit,
      commercial paper rated not less than A1P1, or other time deposit accounts which
      mature not later than one year from the date of acquisition thereof which are
      issued by a commercial bank, brokerage firm or savings institution organized
      under the laws of the United States of America or any state thereof; or
      (iii) other temporary investments not inconsistent with the Trust’s status
      as a liquidating trust for tax purposes (collectively, “Permitted Investments”).
      It is hereby acknowledged that the Trustee shall not be required to maximize
      the
      investment return on the Trust Assets during the term of this Agreement. The
      Trustee shall be and hereby is relieved of all liability with respect to the
      purchasing, holding or selling of Permitted Investments in accordance with
      the
      terms hereof. The Trustee is not responsible for any losses to the Trust which
      may occur, including, without limitation, by reason of bank failure or the
      amount of the Trust exceeding the Federal Deposit Insurance Corporation
      limits.

    

    6.2 Specific
      Powers of the Trustee.
      Subject
      to the provisions of Section 6.1, the Trustee shall have the following specific
      powers in addition to any powers conferred upon them by any other Section or
      provision of this Agreement or any statutory laws of the
      State
      of [Delaware]; provided, however, that the enumeration of the following powers
      shall not be considered in any way to limit or control the power of the Trustee
      to act as specifically authorized by any other Section or provision of this
      Agreement and to act in such a manner as the Trustee may deem necessary or
      appropriate to conserve and protect any Trust Assets or to confer on the
      Beneficiaries the benefits intended to be conferred upon them by this
      Agreement:

    

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    (a) To
      determine the nature and amount of the consideration to be received with respect
      to the sale or other disposition of, or the grant of interests in, any Trust
      Assets.

    

    (b) To
      collect, liquidate or otherwise convert into cash, or such other property as
      the
      Trustee deems appropriate, all property, assets and rights in any Trust Assets,
      and to pay, discharge and satisfy all other claims, expenses, charges,
      liabilities, and obligations existing with respect to any Trust Assets, the
      Trust or the Trustee.

    

    (c) To
      elect,
      appoint, engage, retain or employ any Persons as agents, representatives,
      employees, or independent contractors (including without limitation real estate
      advisors, investment advisors, accountants, transfer agents, custodians,
      attorneys-at-law, managers, appraisers, brokers, or otherwise) in one or more
      capacities, and to pay compensation from the Trust Assets for services in as
      many capacities as such Person may be so elected, appointed, engaged, retained
      or employed, to prescribe the titles, powers and duties, terms of service and
      other terms and conditions of the election, appointment, engagement, retention
      or employment of such Persons and, except as prohibited by law, to delegate
      any
      of the powers and duties of the Trustee to any one or more Trustees, agents,
      representatives, employers, independent contractors or other
      Persons.

    

    (d) To
      retain
      and set aside such funds out of the Trust as the Trustee shall deem necessary
      or
      expedient to pay, or provide for the payment of (i) unpaid claims,
      expenses, charges, liabilities, and obligations of the Trust or the Partnership,
      except to the extent that liabilities for which the Partnership has previously
      reserved Cash Reserve are satisfied with funds from said Cash Reserve;
      (ii) contingencies; and (iii) the expenses of administering the Trust
      Assets.

    

    (e) To
      do and
      perform any and all acts necessary or appropriate for the conservation and
      protection of the Trust Assets, including acts or things necessary or
      appropriate to maintain Trust Assets held by the Trustee pending sale or other
      disposition thereof or distribution thereof to the Beneficiaries.

    

    (f) To
      hold
      legal title to property of the Trust in the name of the Trust, or in the name
      of
      the Trustee, or of any other Person, without disclosure of the interest of
      the
      Trust therein.

    

    (g) To
      cause
      any investments of any part of the Trust Assets to be registered and held in
      the
      name of any one or more of its names or in the names of a nominee or nominees
      without increase or decrease of liability with respect thereto.

    

    
      
         

        
        

      

      
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    (h) To
      institute or defend actions or declaratory judgments or other actions and to
      take such other action, in the name of the Trust or the Partnership or as
      otherwise required, as the Trustee may deem necessary or desirable to enforce
      any instruments, contracts, agreements, causes of action, claims or rights
      relating to or forming a part of the Trust Assets.

    

    (i) To
      determine conclusively from time to time the value of and to revalue the
      securities and other property of the Trust, in accordance with independent
      appraisals or other information as it deems necessary or
      appropriate.

    

    (j) To
      cancel, terminate, or amend any instruments, contracts, agreements, obligations
      or causes of action relating to or forming a part of any Trust Assets, and
      to
      execute new instruments, contracts, agreements, obligations or causes of action
      notwithstanding that the terms of any such instruments, contracts, agreements,
      obligations or causes of action may extend beyond the terms of this Trust,
      provided that no such new instrument, contract, agreement, obligation or cause
      of action shall permit the Trustee to engage in any activity prohibited by
      Section 6.1.

    

    (k) To
      vote
      by proxy or otherwise on behalf of the Beneficiaries and with full power of
      substitution all shares of stock and all securities held by the Trustee
      hereunder and to exercise every power, election, discretion, option and
      subscription right and give every notice, make every demand, and to do every
      act
      or thing in respect to any shares of stock or any securities held by the Trustee
      which the Trustee might or could do if the Trustee was the absolute owner
      thereof.

    

    (l) To
      undertake or join in any merger, plan of reorganization, consolidation,
      liquidation, dissolution, readjustment or other transaction of any corporation,
      any of whose shares of stock or other securities, obligations, or properties
      may
      at any time constitute a part of any Trust Assets, and to accept the substituted
      shares of stock, bonds, securities, obligations and properties and to hold
      the
      same in trust in accordance with the provisions hereof.

    

    (m) In
      connection with the sale or other disposition or distribution of any securities
      held by the Trustee, to comply with the applicable federal and state securities
      laws, and to enter into agreements relating to the sale or other disposition
      or
      distribution thereof.

    

    (n) To
      authorize transactions between corporations or other entities whose securities,
      or other interests therein (either in the nature of debt or equity) are held
      by
      the Trustee as part of any Trust Assets.

    

    (o) To
      terminate and dissolve any entities owned by the Trust.

    

    (p) To
      have a
      judicial settlement of its account of the Trust at any time to the extent it
      determines necessary or advisable.

    

    (q) To
      perform any act authorized, permitted, or required under any instrument,
      contract, agreement, right, obligation or cause of action relating to or forming
      a part of any Trust Assets whether in the nature of an approval, consent,
demand
      or
      notice thereunder or otherwise, unless such act would require the consent of
      the
      Beneficiaries in accordance with the express provisions of this
      Agreement.

     

    
 

    
      
        
        

      

      
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    ARTICLE
      VII

    CONCERNING
      THE TRUSTEE,

    BENEFICIARIES,
      EMPLOYEES AND AGENTS

    

    7.1 Generally.
      The
      Trustee accepts and undertakes to discharge the Trust created by this Agreement,
      upon the terms and conditions thereof on behalf of the Beneficiaries. The
      Trustee shall exercise such of the rights and powers vested in it by this
      Agreement, and use the same degree of care and skill in its exercise as a
      prudent man would exercise or use under the circumstances in the conduct of
      his
      own affairs. No provision of this Agreement shall be construed to relieve the
      Trustee from liability for its own willful misconduct, knowingly and
      intentionally committed in bad faith, except that:

    

    (a) No
      successor Trustee shall be in any way responsible for the acts or omissions
      of
      the Trustee in office prior to the date on which he or it becomes a
      Trustee.

    

    (b) The
      Trustee shall not be liable for the performance of such duties and obligations
      as are specifically set forth in this Agreement except for its bad faith or
      willful misconduct, and no implied covenants or obligations shall be read into
      this Agreement against the Trustee.

    

    (c) The
      Trustee may conclusively rely, as to the truth of the statements and the
      correctness of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee and conforming to the requirements of this
      Agreement.

    

    (d) The
      Trustee shall not be liable for any act which the Trustee may do or omit to
      do
      hereunder, or for any mistake of fact or law, or for any error of judgment,
      or
      for the misconduct of any employee, agent, representative or attorney appointed
      by it, or for anything that it may do or refrain from doing in connection with
      this Agreement while acting in good faith; unless caused by or arising from
      gross negligence, willful misconduct, fraud or any other breach of fiduciary
      duty of the Trustee or any of its employees, agents, representatives or
      attorneys.

     

    (e) The
      duties and obligations of the Trustee shall be limited to and determined solely
      by the express provisions of this Agreement, and no implied duties or
      obligations shall be read into this Agreement against the Trustee. 

    

    7.2 Reliance
      by Trustee.
      Except
      as otherwise provided in Section 7.1:

    

    (a) The
      Trustee may rely and shall be protected in acting upon any resolution,
      certificate, statement, instrument, opinion, report, notice, request, consent,
      order, or other paper or document believed by it to be genuine and to have
      been
      signed or presented by the proper party or parties.

    

    (b) The
      Trustee may consult with legal counsel, auditors or other experts to be selected
      by it, including firms with which the Trustee may be an affiliate, and the
      advice
      or
      opinion of such counsel, accountants, auditors or other experts shall be full
      and complete protection to the Trustee, the employees and the agents of the
      Trustee in respect of any action taken or omitted or suffered by them in good
      faith and in reliance on, or in accordance with, such advice or opinion.

    

    
      
        
        

      

      
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    (c) Persons
      dealing with the Trustee shall look only to the Trust Assets to satisfy any
      liability relating to the Trust Assets incurred by the Trustee to such Person
      in
      carrying out the terms of this Trust, and the Trustee shall have no obligation
      to satisfy any such liability. 

    

    (d) As
      far as
      practicable and except as expressly permitted above, the Trustee shall cause
      any
      written instrument creating an obligation of the Trust to include a reference
      to
      this Agreement and to provide that neither the Beneficiaries, the Trustee nor
      their agents shall be liable thereunder and that the other parties to such
      instrument shall look solely to the Trust Assets for the payment of any claim
      thereunder or the performance thereof; provided, however, that the omission
      of
      such provision from any such instrument shall not render the Beneficiaries,
      the
      Trustee, or their agents liable, nor shall the Trustee be liable to anyone
      for
      such omission.

    

    7.3 Limitation
      on Liability to Third Persons.
      No
      Beneficiary shall be subject to any personal liability whatsoever, in tort,
      contract or otherwise, to any Person in connection with the Trust Assets or
      the
      affairs of this Trust; and neither the Trustee nor any employee or agent of
      this
      Trust shall be subject to any personal liability whatsoever, in tort, contract
      or otherwise, to any Person in connection with any Trust Assets or the affairs
      of this Trust, except for such Person’s own willful misconduct, knowingly and
      intentionally committed in bad faith; and all such other Persons shall look
      solely to any Trust Assets for satisfaction of claims of any nature arising
      in
      connection with the affairs of this Trust. The Trustee shall, at all times,
      maintain insurance for the protection of all Trust Assets, its Beneficiaries,
      the Trustee and its employees and agents in such amount as the Trustee shall
      deem adequate to cover all foreseeable liability to the extent available at
      reasonable rates.

    

    7.4 Recitals.
      Any
      written instrument creating an obligation of this Trust shall be conclusively
      taken to have been executed or done by the Trustee, or the employee or agent
      of
      this Trust only in its capacity as Trustee under this Agreement or in his
      capacity as employee or agent of the Trust.

    

    7.5 Indemnification.
      The
      Trustee and each of its employees and agents (each an “Indemnified Person” and
      collectively, the “Indemnified Persons”) shall be indemnified out of all Trust
      Assets against all liabilities and expenses, including amounts paid in
      satisfaction of judgments, in compromise or as fines and penalties, and all
      costs and expenses, including, but not limited to, reasonable counsel fees
      and
      disbursements paid or incurred in investigating or defending against any such
      claim, demand, action, suit or proceeding by the Indemnified Persons in
      connection with the defense or disposition of any action, suit or other
      proceeding by the Trust or any other Person, whether civil or criminal, in
      which
      the Indemnified Person may be involved or with which the Indemnified Person
      may
      be threatened while in office or thereafter, by reason of its or his being
      or
      having been such a Trustee, employee or agent; provided, however, that the
      Indemnified Person shall not be entitled to such indemnification in pect
      of
      any matter as to which the Indemnified Person shall have been adjudicated to
      have acted in bad faith or with willful misfeasance or in reckless disregard
      of
      the Indemnified Person’s duties. The rights accruing to any Indemnified Person
      under these provisions shall not exclude any other right to which the
      Indemnified Person may be lawfully entitled. The Trustee may make advance
      payments in connection with indemnification under this Section, provided that
      the Indemnified Person shall have given a written undertaking to repay any
      amount advanced to the Indemnified Person and to reimburse the Trust in the
      

     

     

    
      
        
        

      

      
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      event
        it
        is subsequently determined in a final adjudication by a court of law that
        the
        Indemnified Person is not entitled to such indemnification. The Trustee may
        purchase such insurance as it believes, in the exercise of its discretion,
        adequately insures that each Indemnified Person shall be indemnified against
        any
        such loss, liability or damage pursuant to this Section. The rights accruing
        to
        any Indemnified Person by reason of the foregoing shall not be deemed to
        exclude
        any other right to which he may legally be entitled nor shall anything else
        contained herein restrict the right of the Trustee to indemnify or reimburse
        such Indemnified Person in any proper case even though not specifically provided
        for herein, nor shall anything contained herein restrict the right of any
        such
        Indemnified Person to contribution under applicable law. As security for
        the
        timely and full payment and satisfaction of all of the present and future
        obligations of the parties to the Trustee under this Agreement, including
        without limitation the indemnity obligations hereunder, whether joint or
        several, the Trust (and by accepting distributions hereunder, each Beneficiary)
        hereby grants to the Trustee a continuing security interest in and to any
        and
        all of the Trust Assets, whether now existing or hereafter acquired or created,
        together with the products and proceeds thereof, all payments and other
        distributions with respect thereto, and any and all investments, renewals,
        substitutions, modifications and extensions of any and all of the foregoing.
        The
        Trustee shall have all of the rights and remedies of a secured party under
        the
        Uniform Commercial Code. In addition, in the event the Trustee has not received
        any payment, indemnity, reimbursement or other amount due it under this
        Agreement, then, notwithstanding any other term or provision of this Agreement,
        the Trustee may in its discretion set off and apply any of the Trust Assets
        as
        is required to pay and satisfy those obligations. Promptly after the receipt
        by
        the Trustee of notice of any demand or claim or the commencement of any action,
        suit or proceeding, the Trustee shall, if a claim in respect thereof is to
        be
        made against any of the other parties hereto, notify such other parties thereof
        in writing; but the failure by the Trustee to give such notice shall not
        relieve
        any party from any liability which such party may have to the Trustee hereunder.
        Notwithstanding any obligation to make payments and deliveries hereunder,
        the
        Trustee may retain and hold for such time as it reasonably deems necessary
        such
        amount of the Trust Assets as it shall from time to time in its sole discretion
        reasonably deem sufficient to indemnify itself for any such loss or expense
        and
        for any amounts due it hereunder. Except as required by law or as expressly
        provided herein, the Trustee shall be under no duty to institute any suit,
        or to
        take any remedial procedures under this Agreement, or to enter any appearance
        or
        in any way defend any suit in which it may be made a defendant hereunder
        until
        it shall be indemnified as provided above, except as expressly set forth
        herein.

    

    

    7.6 Rights
      of Trustees, Employees, Independent Contractors and Agents to Own Trust Units
      or
      Other Property and to Engage in Other Business. Any Trustee, employee,
      independent contractor or agent may own, hold and dispose of Trust Units for
      its
      or his individual account, and may exercise all rights thereof and thereunder
      to
      the same extent and in the same manner as if it were not a Trustee, employee,
      independent contractor or agent. Any Trustee, employee, independent contractor
      or agent may, in his personal capacity or in a capacity of trustee, officer,
      director, shareholder, partner, member, advisor, employee of any Person or
      otherwise, have business interests and holdings similar to or in addition to
      those relating to the Trust. Subject to the provisions of Article V hereof,
      any
      Trustee, employee, independent contractor or agent of the Trust may be a
      trustee, officer, director, shareholder, partner, member, advisor, employee
      or
      independent contractor of, or otherwise have a direct or indirect interest
      in,
      any Person who may be engaged to render advice or services to the Trust, and
      may
      receive compensation from such Person as well as compensation as Trustee,
      employee, independent contractor or agent or otherwise hereunder so long as
      such
      interest is disclosed to the Trustee. None of these activities in and of
      themselves shall be deemed to conflict with its duties as Trustee, employee,
      independent contractor or agent.

    

    
      
        
        

      

      
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    7.7 Contribution
      Back. In
      the
      event any amount of Trust Assets released to a party under this Agreement is
      invalidated, declared to be fraudulent or preferential or must otherwise be
      restored or returned by the Trustee in connection with the insolvency,
      bankruptcy or reorganization of such party, whether by order of or settlement
      before any court or other authority or otherwise, such party shall contribute
      back to the Trust an amount such that such party will be affected by that
      invalidation, declaration, restoration or return ratably in proportion to the
      distributions it received under this Agreement, together with any related
      assignment, release or other instrument or document the Trustee may request
      to
      restore the status quo
      ante.

     

    

    ARTICLE
      VIII

    PROTECTION
      OF PERSONS DEALING WITH THE TRUSTEE

    

    8.1 Action
      by Trustee.
      All
      action required or permitted to be taken by the Trustee, in its capacity as
      Trustee, shall be taken by a written vote, resolution, or other writing signed
      by the Trustee then serving.

    

    8.2 Reliance
      on Statements by the Trustee.
      Any
      Person dealing with the Trustee shall be fully protected in relying upon the
      Trustee’s certificate or instrument signed by the Trustee that it has authority
      to take any action under this Trust.

    

     

    ARTICLE
      IX

    COMPENSATION
      OF TRUSTEE

    

    9.1 Amount
      of Compensation.
      The
      compensation of the Trustee shall be in accordance with the terms specified
      on
Schedule A
      hereto
      or upon such other terms and conditions as may be agreed upon by the Trustee
      and
      the Beneficiaries holding Trust Units representing at least a majority of the
      aggregate Beneficial Interests. Schedule A
      shall
      apply only to the initial Trustee and, in the event a successor to the initial
      Trustee shall serve, such schedule shall be deleted from this Agreement and
      neither such deletion nor the substitution of a counterpart schedule applicable
      to the successor Trustee shall constitute an amendment of this
      Agreement.

    
      
         

        
        

      

      
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    9.2 Dates
      and Timing of Payment.
      The
      compensation payable to the Trustee pursuant to the provisions of Section 9.1
      shall be in accordance with Schedule A
      or, if
Schedule A
      is no
      longer in force, at such other times as the Trustee may determine.

    

    9.3 Expenses.
      The
      Trustee shall be reimbursed from the Trust Assets for all expenses reasonably
      incurred by it in the performance of its duties in accordance with this
      Agreement including the reasonable compensation and out-of-pocket expenses
      of
      attorneys, accountants, appraisers, consultants and other persons retained
      by
      the Trustee or the Manager pursuant to the terms of this Agreement.

    

    ARTICLE
      X

    THE
      TRUSTEE AND SUCCESSOR TRUSTEE

    

    10.1 Number
      and Qualification of Trustees.
      Subject
      to the provisions of Section 10.3 relating to the period pending the appointment
      of a successor Trustee, there shall be one Trustee of this Trust, which shall
      be
      a citizen and resident of or a corporation or other entity which is incorporated
      or formed under the laws of a state of the United States and, if a corporation,
      it shall be authorized to act as a corporate fiduciary under the laws of the
      State of [Delaware]. The number of Trustees may be increased or decreased from
      time to time by the Trustee. 

    

    If
      any
      corporate Trustee shall ever change its name, or shall reorganize or
      reincorporate, or shall merge with or into or consolidate with any other
      corporation or entity, bank or trust company, such corporate Trustee shall
      be
      deemed to be a continuing entity and shall continue to act as a Trustee
      hereunder with the same liabilities, duties, powers, titles, discretions and
      privileges as are herein specified for a Trustee.

    

    10.2 Resignation
      and Removal.
      Any
      Trustee may resign and be discharged from the Trust hereby created by giving
      written notice thereof to any remaining Trustee or Trustees or by giving written
      notice to the Beneficiaries holding Beneficial Interests representing an
      aggregate of at least a majority of the total Beneficial Interests. Such
      resignation shall become effective on the day specified in such notice or upon
      the appointment of such Trustee’s successor and such successor’s acceptance of
      such appointment, whichever is earlier. Any Trustee may be removed at any time,
      with or without cause, by Beneficiaries having an aggregate Beneficial Interest
      of at least a majority of the total Beneficial Interests in the Trust. All
      obligations of the Trustee hereunder shall cease and terminate on the effective
      date of its resignation and its sole responsibility thereafter shall be to
      hold
      the Trust Assets for a period of thirty (30) calendar days following the
      effective date of resignation, at which time, if a successor Trustee shall
      have
      been appointed and have accepted such appointment in a writing to the
      Beneficiaries, then upon written notice thereof given by a representative of
      the
      Beneficiaries to the resigning Trustee, the resigning Trustee shall deliver
      the
      Trust Assets to the successor Trustee. If a successor Trustee shall not have
      been appointed within a thirty (30) day period from the predecessor Trustee’s
      resignation, for any reason whatsoever, the resigning Trustee shall deliver
      the
      Trust Assets to a court of competent jurisdiction in the county in which the
      Trust Assets are there being held and give written notice of the same to the
      parties hereto. 

     

    
      
         

        
        

      

      
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    The
      resigning Trustee shall be entitled to payment of any unpaid fees (which shall
      be pro-rated as of the effective date of the resignation) and expenses and
      to
      reimbursement by the Beneficiaries out of the Trust Assets for any expenses
      incurred in connection with the transfer of the Trust Assets pursuant to and
      in
      accordance with the provisions of this section.

    

    10.3 Appointment
      of Successor.
      Should
      at any time a Trustee resign or be removed, die, become mentally incompetent
      or
      incapable of action (as determined by the Beneficiaries holding Trust Units
      representing an aggregate of at least a majority of the total Beneficial
      Interests in the Trust), or be adjudged bankrupt or insolvent, unless any
      remaining Trustees shall decrease the number of Trustees of the Trust pursuant
      to Section 10.1 hereof, a vacancy shall be deemed to exist and a successor
      shall
      be appointed by any remaining Trustees. If such a vacancy is not filled by
      any
      remaining Trustees within ninety (90) days, the remaining Trustees must notify
      the Beneficiaries of their inability to fill such vacancy, and the Beneficiaries
      may, pursuant to Article XII hereof, call a meeting to appoint a successor
      Trustee by Beneficiaries holding Trust Units representing an aggregate of at
      least a majority of the total Beneficial Interests in the Trust. Pending the
      appointment of a successor Trustee, the remaining Trustee or Trustees then
      serving may take any action in the manner set forth in Section 8.1.

    

    10.4 Acceptance
      of Appointment by Successor Trustee.
      Any
      successor Trustee appointed hereunder shall execute an instrument accepting
      such
      appointment hereunder and shall deliver one counterpart thereof to each of
      the
      other Trustees and, in case of a resignation, to the resigning Trustee.
      Thereupon such successor Trustee shall, without any further act, become vested
      with all the estates, properties, rights, powers, trusts and duties of his
      or
      its predecessor in the Trust hereunder with like effect as if originally named
      therein; but the resigning Trustee shall nevertheless, when requested in writing
      by the successor Trustee or by the remaining Trustees, execute and deliver
      an
      instrument or instruments conveying and transferring to such successor Trustee
      upon the trust herein expressed, all the estates, properties, rights, powers
      and
      trusts of such resigning Trustee, and shall duly assign, transfer and deliver
      to
      such successor Trustee all property and money held by it hereunder.

    

    10.5 Bonds.
      No bond
      shall be required of the original Trustee hereunder, and no bond shall be
      required of any successor Trustee hereunder. If a bond is required by law,
      no
      surety or security with respect to such bond shall be required unless required
      by law.

    

    ARTICLE
      XI

    CONCERNING
      THE BENEFICIARIES

    

    11.1 Evidence
      of Action by Beneficiaries.
      Whenever in this Agreement it is provided that the Beneficiaries may take any
      action (including the making of any demand or request, the giving of any notice,
      consent, or waiver, the removal of a Trustee, the appointment of a successor
      Trustee, or the taking of any other action), the fact that at the time of taking
      any such action such Beneficiaries have joined therein may be evidenced
      (i) by any instrument or any number of instruments of similar tenor
      executed by Beneficiaries in person or by agent or attorney appointed in
      writing, or (ii) by
      the record of the Beneficiaries voting in favor thereof at any meeting of
      Beneficiaries duly called and held in accordance with the provisions of Article
      XII.

    

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    11.2 Limitation
      on Suits by Beneficiaries.
      No
      Beneficiary shall have any right by virtue of any provision of this Agreement
      to
      institute any action or proceeding at law or in equity against any party other
      than the Trustees upon or under or with respect to any Trust Assets or the
      agreements relating to or forming part of any Trust Assets, and the
      Beneficiaries do hereby waive any such right.

    

    11.3 Requirement
      of Undertaking.
      The
      Trustee may request any court to require, and any court may in its discretion
      require, in any suit for the enforcement of any right or remedy under this
      Agreement, or in any suit against the Trustee for any action taken or omitted
      by
      it as Trustee, the filing by any party litigant in such suit of an undertaking
      to pay the costs of such suit, and such court may in its discretion assess
      reasonable costs, including reasonable attorneys’ fees, against any party
      litigant in such suit, having due regard to the merits and good faith of the
      claims or defenses made by such party litigant; provided, however, that the
      provisions of this Section shall not apply to any suit by the
      Trustee.

    

    ARTICLE
      XII

    MEETING
      OF BENEFICIARIES

    

    12.1 Purpose
      of Meetings.
      A
      meeting of the Beneficiaries may be called at any time and from time to time
      pursuant to the provisions of this Article for the purposes of taking any action
      which the terms of this Agreement permit a Beneficiary having a specified
      aggregate Beneficial Interest to take either acting alone or with the
      Trustee.

    

    12.2 Meeting
      Called by Trustee.
      The
      Trustee may at any time call a meeting of the Beneficiaries of the Trust to
      be
      held at such time and at such place within the State of [Delaware]
      (or
      elsewhere if so determined by a majority of the Trustees) as the Trustee shall
      determine. Written notice of every meeting of the Beneficiaries shall be given
      by the Trustee (except as provided in Section 12.3), which written notice will
      set forth the time and place of such meeting and in general terms the action
      proposed to be taken at such meeting, and shall be mailed not more than sixty
      (60) nor less than ten (10) days before such meeting is to be held to all of
      the
      Beneficiaries of record not more than sixty (60) days before the date of such
      meeting. The notice shall be directed to the Beneficiaries at their respective
      addresses as they appear in the records of the Trust.

    

    12.3 Meeting
      Called on Request of Beneficiaries.
      Within
      thirty (30) days after written request to the Trustee by Beneficiaries holding
      Trust Units representing at least a majority of the aggregate Beneficial
      Interests to call a meeting of all of the Beneficiaries, which written request
      shall specify in reasonable detail the action proposed to be taken, the Trustee
      shall proceed under the provisions of Section 12.2 to call a meeting of the
      Beneficiaries, and if the Trustee fails to call such meeting within such thirty
      (30) day period then such meeting may be called by Beneficiaries holding Trust
      Units representing at least a majority of the aggregate Beneficial
      Interests.

    

    12.4 Persons
      Entitled to Vote at Meeting of Beneficiaries.
      Each
      Beneficiary shall be entitled to vote at a meeting of the Beneficiaries of
      the
      Trust either in person or by
      his
      proxy duly authorized in writing. The vote of each Beneficiary shall be weighted
      based on the number of Trust Units in the Trust held by each Beneficiary
      determined pursuant to the list described in Section 3.1, as such list is
      amended hereby. The signature of the Beneficiary on such written authorization
      need not be witnessed or notarized.

     

    
 

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    12.5 Quorum.
      At any
      meeting of Beneficiaries, the presence of Beneficiaries holding Trust Units
      representing at least a majority of the aggregate Beneficial Interests
      sufficient to take action on any matter for the transaction of which such
      meeting was called shall be necessary to constitute a quorum; but if less than
      a
      quorum be present, Beneficiaries having aggregate Beneficial Interests of more
      than 50% of the total Beneficial Interests in the Trust of all Beneficiaries
      represented at the meeting may adjourn such meeting with the same effect and
      for
      all intents and purposes as though a quorum had been present.

    

    12.6 Adjournment
      of Meeting.
      Subject
      to Section 12.5 hereof, any meeting of Beneficiaries of the Trust may be
      adjourned from time to time and a meeting may be held at such adjourned time
      and
      place without further notice.

    

    12.7 Conduct
      of Meetings.
      The
      Trustee shall appoint the Chairman and the Secretary of the meeting. The vote
      upon any proposal submitted to any meeting of Beneficiaries shall be by written
      ballot. An Inspector of Votes, appointed by the Chairman of the meeting, shall
      count all votes cast at the meeting for or against any proposal and shall make
      and file with the Secretary of the meeting its verified written
      report.

    

    12.8 Record
      of Meeting.
      A
      record of the proceedings of each meeting of Beneficiaries of the Trust shall
      be
      prepared by the Secretary of the meeting. The record shall be signed and
      verified by the Secretary of the meeting and shall be delivered to the Trustee
      to be preserved by it. Any record so signed and verified shall be conclusive
      evidence of all the matters therein stated.

    

    ARTICLE
      XIII

    AMENDMENTS

    

    13.1 Consent
      of Beneficiaries.
      At the
      direction or with the consent of Beneficiaries holding Trust Units representing
      at least a majority of the aggregate Beneficial Interests, or such greater
      percentage as shall be specified in this Agreement for the taking of an action
      by the Beneficiaries under the affected provision of this Agreement, the Trustee
      shall promptly make and execute a declaration amending this Agreement for the
      purpose of adding any material provisions to or changing in any material manner
      or eliminating any of the material provisions of this Agreement or amendments
      thereto as they apply to the Trust; provided, however, that no such amendment
      shall permit the Trustee to engage in any activity prohibited by Section 6.1
      hereof or affect the Beneficiaries’ rights to receive their pro
      rata
      shares
      of the Trust Assets at the time of distribution; provided further, however,
      that
      no consent of the Beneficiaries shall be required with respect to any amendment
      made solely for the purpose of facilitating the transferability by Beneficiaries
      of Trust Units or to comply with applicable laws, including tax laws, so long
      as
      such amendment has been approved by
      the
      Trustee. Further, the Trustee may amend this Trust Agreement as it deems
      reasonably necessary for the purpose of (i) obtaining no-action letter or
      similar relief from the Securities and Exchange Commission; and/or
      (ii) making changes to this Agreement that do not adversely affect the
      rights of the Beneficiaries.

    

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

    13.2 Notice
      and Effect of Amendment.
      Promptly after the execution by the Trustee of any such declaration of
      amendment, the Trustee shall give notice of the substance of such amendment
      to
      the Beneficiaries or, in lieu thereof, the Trustee may send a copy of the
      amendment to each Beneficiary. Upon the execution of any such declaration of
      amendment by the Trustee, this Agreement shall be deemed to be modified and
      amended in accordance therewith and the respective rights, limitations of
      rights, obligations, duties, and immunities of the Trustee and the Beneficiaries
      under this Agreement with respect to the Trust shall thereafter be determined,
      exercised and enforced hereunder subject in all respects to such modification
      and amendments, and all the terms and conditions of any such amendment shall
      be
      thereby deemed to be part of the terms and conditions of this Agreement for
      any
      and all purposes.

    

    13.3 Trustee’s
      Declining to Execute Documents.
      If, in
      the reasonable opinion of the Trustee, any document required to be executed
      pursuant to the terms of Section 13.2 hereof adversely affects any right,
      obligation, immunity or indemnity in favor of the Trustee under this Agreement,
      the Trustee may in its discretion decline to execute such document.

    

    ARTICLE
      XIV

    MISCELLANEOUS
      PROVISIONS

    

    14.1 Filing
      Documents.
      This
      Agreement shall be filed or recorded in such office or offices as the Trustee
      may determine to be necessary or desirable. A copy of this Agreement and all
      amendments thereof shall be maintained in the office of the Trustee and shall
      be
      available at all times during regular business hours for inspection by any
      Beneficiary or his duly authorized representative. The Trustee shall file or
      record any amendment of this Agreement in the same places where the original
      Agreement is filed or recorded. The Trustee shall file or record any instrument
      which relates to any change in the office of the Trustee in the same places
      where the original Agreement is filed or recorded.

    

    14.2 Intention
      of Parties to Establish Trust.
      This
      Agreement is not intended to create and shall not be interpreted as creating
      a
      corporation, association, partnership, or joint venture of any kind for purposes
      of federal income taxation or for any other purpose.

    

    14.3 Beneficiaries
      Have No Rights or Privileges as Holders of Partnership Interests.
      Except
      as expressly provided in this Agreement or under applicable law, the
      Beneficiaries shall have no rights or privileges attributable to their former
      status as holders of Partnership Interests.

    

    14.4 Laws
      as to Construction.
      THE
      TRUSTEE, AND THE BENEFICIARIES (BY THEIR ACCEPTANCE OF ANY DISTRIBUTIONS MADE
      TO
      THEM PURSUANT TO THIS AGREEMENT), CONSENT AND AGREE THAT THIS AGREEMENT SHALL
      

     

    
      
         

        
        

      

      
        -21-

        
          

        

      

      
        
        

      

    

    BE
      GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
      OF
      [DELAWARE], WITHOUT REFERENCE TO THE CHOICE OF LAW PRINCIPLES THEREOF. EACH
      OF
      THE PARTIES HERETO IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE
      COURTS OF THE STATE OF [DELAWARE] AND THE UNITED STATES DISTRICT COURT FOR
      ANY
      DISTRICT WITHIN SUCH STATE FOR THE PURPOSE OF ANY SUIT, ACTION, PROCEEDING
      OR
      JUDGMENT RELATING TO OR ARISING OUT OF THIS AGREEMENT AND THE TRANSACTIONS
      CONTEMPLATED HEREBY. SERVICE OF PROCESS IN CONNECTION WITH ANY SUCH SUIT, ACTION
      OR PROCEEDING MAY BE SERVED ON EACH PARTY HERETO ANYWHERE IN THE WORLD BY THE
      SAME METHODS AS ARE SPECIFIED FOR THE GIVING OF NOTICES UNDER THIS AGREEMENT.
      EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE JURISDICTION OF ANY
      SUCH
      COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING AND TO THE LAYING OF VENUE IN
      SUCH
      COURT. EACH PARTY HERETO IRREVOCABLY WAIVES ANY OBJECTION TO THE LAYING OF
      VENUE
      OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH COURTS AND IRREVOCABLY
      WAIVES ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
      COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO
      AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING SHALL BE CONCLUSIVE
      AND
      MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
      MANNER PROVIDED BY LAW. ALL PARTIES WAIVE THE RIGHT TO A JURY TRIAL OF ALL
      SUCH
      DISPUTES, CLAIMS AND DEMANDS.

     

    14.5 Severability.
      In the
      event any provision of this Agreement or the application thereof to any Person
      or circumstances shall be finally determined by a court of proper jurisdiction
      to be invalid or unenforceable to any extent, the remainder of this Agreement,
      or the application of such provision to persons or circumstances other than
      those as to which it is held invalid or unenforceable, shall not be affected
      thereby, and each provision of this Agreement shall be valid and enforced to
      the
      fullest extent permitted by law.

    

    14.6 Notices.
      Any
      notice or other communication by the Trustee to any Beneficiary shall be deemed
      to have been sufficiently given, for all purposes, if deposited, postage
      prepaid, in a post office or letter box addressed to such Person at his address
      as shown in the records of the Trust.

    

    All
      notices and other communications hereunder shall be in writing and shall be
      deemed to have been duly given if delivered personally or sent by cable,
      telegram, facsimile transmission or telex to the Trustee at the following
      address or at such other addresses as shall be specified by the
      Trustee:

    

    If
      to the
      Trustee:

    

    PLM
      Financial Services, Inc.

    405
      Lexington Avenue, 67th
      Floor

    New
      York,
      NY 10174

    Fax:
      (212) 682-3464

    
      
         

        
        

      

      
        -22-

        
          

        

      

      
        
        

      

    

    

    14.7 Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      an original, but such counterparts shall together constitute but one and the
      same instrument.

    

    

    
      
         

        
        

      

      
        -23-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the General Partner of the Grantor has caused this Agreement
      to
      be executed by an authorized officer, and the Trustee hereunder has executed
      this Agreement, as Trustee and not as an individual, as of the date first set
      forth herein.

    

    

          GRANTOR:   PLM
      EQUIPMENT GROWTH FUND VI,

            
        a California limited partnership

     

    
      	 	
              By:

            	
              PLM
                Financial Services, Inc., its General
                Partner

            

    

     

    By:
      /s/
      Richard K Brock

    Richard
      K
      Brock, Chief Financial Officer

    

    

     

             TRUSTEE: PLM
      FINANCIAL SERVICES, INC.

     

               
      By: /s/
      Richard K Brock

                  
      Richard K Brock, Chief Financial Officer

    

    
      
         

        
        

      

      
        -24-

        
          

        

      

      
        
        

      

    

    SCHEDULE
      A

    

    

    SCHEDULE
      OF FEES

    to
      act
      as

    TRUSTEE,
      REGISTRAR, TRANSFER AGENT AND DISTRIBUTION AGENT

    OF
      THE
      LIQUIDATING TRUST

    

    The
      Trustee shall receive no compensation for its services hereunder other than
      an
      amount equivalent to the compensation and other payments that the Trustee would
      have received as General Partner of the Partnership for the same or similar
      services undertaken by the Trustee hereunder if the General Partner had
      undertaken such services on behalf of the Partnership. The Trustee shall be
      entitled to receive such compensation at the times and in the manner that it
      would have received such compensation as General Partner of the
      Partnership.

    

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      Exhibit
        A

      Bill
        of Sale, Assignment, Acceptance and Assumption Agreement

      

      Transferred
        Assets

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