Common use of Business Trust Only Clause in Contracts

Business Trust Only. It is the intention of the Trustees to create a business trust pursuant to the Act, and thereby to create only the relationship of trustee and beneficial owners within the meaning of such Act between the Trustees and each Holder. Except to the extent provided by resolution of the Trustees establishing a Series intended to be classified as a partnership for federal income tax purposes, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, joint venture, or any form of legal relationship other than a business trust pursuant to such Act, and except as so provided in such resolution, nothing in this Declaration of Trust shall be construed to make the Holders, either by themselves or with the Trustees, partners or members of a joint stock association.

Business Trust Only. It is the intention of the Trustees to create a business trust pursuant to the Delaware Act, and thereby to create only the relationship of trustee and beneficial owners within the meaning of such Act act between the Trustees and each HolderShareholder. Except to the extent provided by resolution of the Trustees establishing a Series Portfolio intended to be classified as a partnership for federal income tax purposes, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, joint venture, or any form of legal relationship other than a business trust pursuant to such Actact, and except as so provided in such resolution, nothing in this Declaration of Trust shall be construed to make the HoldersShareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Business Trust Only. It is the intention of the Trustees to create a business trust pursuant to the Act, and thereby to create only the relationship of trustee and beneficial owners within the meaning of such the Act between the Trustees and each Holder. Except to the extent provided by resolution of the Trustees establishing a Series intended to be classified as a partnership for federal income tax purposes, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, joint venture, or any form of legal relationship other than a business trust pursuant to such the Act, and except as so provided in such resolution, nothing in this Declaration of Trust shall be construed to make the Holders, either by themselves or with the Trustees, partners or members of a joint stock association.

Business Trust Only. It is the intention of the Trustees ------------------- to create a business trust pursuant to the Delaware Act, and thereby to create only the relationship of trustee and beneficial owners within the meaning of such Act act between the Trustees and each HolderShareholder. Except to the extent provided by resolution of the Trustees establishing a Series intended to be classified as a partnership for federal income tax purposes, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, joint venture, or any form of legal relationship other than a business trust pursuant to such Actact, and except as so provided in such resolution, nothing in this Declaration of Trust shall be construed to make the HoldersShareholders, either by themselves or with the Trustees, partners or members of a joint stock association.