This argument also underlies the 1992 standstill agreement between the Americans and the Europeans setting limits on launch-aid subsidies.

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Singapore Technologies will get board representation, and will accept a standstill agreement imposing limitations on buying or selling Level 3 shares.

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All Malone had to do was to sit patiently until the three year standstill agreement expired before he moved in for the kill this year.

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If Mr. Schulze presents a transaction to shareholders or if he violates the standstill agreement he will not be entitled to two board seats that have been committed to him.

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The Middle East peace process, which has been at a standstill for 19 months, faces a deadline of May 1999, when a temporary agreement between Israel and the Palestinians expires.

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