Liabilities Belonging to Sub Sample Clauses
The "Liabilities Belonging to Sub" clause defines that all debts, obligations, and financial responsibilities incurred by a subsidiary are solely attributed to that subsidiary, not to its parent company or affiliates. In practice, this means that if the subsidiary enters into contracts, takes on loans, or faces legal claims, only the subsidiary is responsible for satisfying those liabilities. This clause is essential for clearly separating the financial risks and obligations of the subsidiary from those of the parent, thereby protecting the parent company from being automatically held accountable for the subsidiary's debts or legal issues.
Liabilities Belonging to Sub. Trusts. The assets belonging to each ----------------------------------- particular Sub-Trust shall be charged with all the liabilities, expenses, costs, charges and reserves which, as determined by the Trustees, are readily identifiable as belonging to that particular Sub-Trust (collectively, "Specific Liability Items"). Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Sub-Trust (collectively, "General Liability Items") shall be allocated and charged by the Trustees to and among any one or more of the Sub- Trusts established and designated from time to time in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Sub-Trusts and of all classes for all purposes. The Specific Liability Items of a Sub-Trust together with any General Liability Items allocated to that Sub-Trust are herein referred to as "liabilities belonging to" that Sub-Trust. General liabilities, expenses, costs, charges or reserves being borne solely by a class of Shares or pertaining solely to a class of shares are herein referred to as "expenses being borne solely" by a class. Expenses being borne solely by a particular class of Shares may be allocable to, or borne by, only such class of Shares (as determined by the Trustees). Under no circumstances shall the assets belonging to any particular Sub-Trust or class be charged with the liabilities belonging to any other Sub-Trust or class. All persons who have extended credit which the Trustees have allocated to a particular Sub-Trust, or who have a claim or contract which the Trustees have allocated to a particular Sub-Trust, shall look only to the assets of that particular Sub-Trust for payment of such credit, claim or contract.
Liabilities Belonging to Sub. Trusts .................................... 10 Determination of Treatment as Income and/or Capital ....................