Nature of the Trust. (a) An interest in the Trust is represented by Units. The Trust, its Units and its property shall be governed by the general law of trusts, except as such general law of trusts has been or is from time to time modified, altered or abridged for unit trusts and for the Trust by Applicable Laws or requirements imposed by applicable Securities Authorities or other regulatory authorities or by the terms, conditions and trusts set forth in this Trust Agreement.
(b) Except as provided in Section 2.10 hereof with respect to the U.S. federal income tax classification of the Trust, the Trust is not, is not intended to be, shall not be deemed to be, and shall not be treated as, a general partnership, limited partnership, syndicate, association, joint venture, agency, corporation or joint stock company nor shall the Trustee or the Unitholders or any of them for any purpose be, or be deemed to be, treated in any way whatsoever to be liable or responsible hereunder as partners or joint ventures. The Unitholders shall be beneficiaries and their relationship to the Trustee shall be solely in that capacity in accordance with the rights conferred and obligations imposed upon them hereunder. The Trustee shall not be, or be deemed to be, the agent of the Unitholders.
(c) The beneficial interest of a Unitholder shall be limited to the right to participate in distributions when and as declared by the Manager as contemplated by Article 4, and distributions upon the termination of the Trust as contemplated in Article 21. The ownership of the Trust Property is vested in the Trustee and the right to conduct the affairs of the Trust is vested in the Trustee and the Manager, subject to the provisions of this Trust Agreement, and the Unitholders shall have no interest in the assets of the Trust or right to intervene in the conduct of the affairs of the Trust except as expressly provided herein. In purchasing Units, a Unitholder assumes no personal liability whatsoever to any Person in connection with the assets or affairs of the Trust. In the event a Unitholder should be required to satisfy any obligation of the Trust, such Unitholder shall be entitled to reimbursement from any available assets of the Trust in accordance with Section 15.1 hereof.
Nature of the Trust. A. Article VII of the Declaration of Trust contains provisions limiting the liability of the Trustees, officers, employees and agents of the Trust. The obligations of the Trust created hereunder are not personally binding upon, nor shall resort be had to the property of, any of the Trustees, officers, employees or agents of the Trust or of the shareholders of the Funds, and only that portion of a Fund's property necessary to satisfy the obligations of that Fund arising hereunder shall be bound or affected by the operation of this Agreement.
Nature of the Trust. The Trust is an open-end unincorporated investment trust, established for the purposes specified in Section 4.1 hereof. The Trust is not and is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company, nor shall the Trustee or the Unitholders or any of them or any person be, or be deemed to be, treated in any way whatsoever as liable or responsible hereunder as partners or joint venturers. The Trustee shall not be, or be deemed to be, an agent of the Unitholders. The relationship of the Unitholders to the Trustee shall be solely that of beneficiaries of the Trust and their rights shall be limited to those conferred upon them by this Trust Indenture.
Nature of the Trust. The Trust exists solely for the purpose of liquidating the Trust Estate and distributing the proceeds of liquidation to the Holders. In connection with such purposes, it is intended that the Trust may serve as a temporary vehicle for the maintenance and operation of the Trust Estate, with a view to its liquidation and not the conduct of a continuing business. The Trust is not intended to be, shall not be deemed to be, and shall not be treated as, a general partnership, limited partnership, joint venture, corporation, joint stock company or association, nor shall the Trustee, or Holders, or any of them. for any purpose be, or be deemed to be, or be treated in any way whatsoever to be, liable or responsible hereunder as partners or joint venturers. The relationship of the Holders to the Trustee shall be solely that of beneficiaries of the Trust, and their rights shall be limited to those conferred upon them by this Trust Agreement. In no event shall any part of the Trust Estate revert or be distributed to CRC or to any stockholder of CRC, as such, other than Holders entitled thereto under the terms of this Trust Agreement. Unclaimed portions of the Trust Estate shall be subject to disposition in accordance with applicable law of the State or New Jersey. The Trustee shall take only such action as it may deem necessary or advisable to preserve the Trust Estate pending distribution, sale or other disposition, and in no event shall the Trustee otherwise have power or authority to enter into any business with respect to the Trust Estate. However, nothing herein shall be deemed to abridge the powers of the Trustee as set forth in Article Four hereof, all of which powers (without limitations) are considered necessary to the ability of the Trustee to carry out the purpose of the Trust.
Nature of the Trust. The Trust is an unincorporated closed-end investment trust. The Trust, the Units and its property shall be governed by the general law of trusts set forth in the Civil Code, except as such general law of trusts has been or is from time to time modified, altered or abridged for the Trust by:
2.7.1 applicable laws and regulations or other requirements; and
2.7.2 the terms, conditions and trusts set forth in this Contract of Trust. The interest and rights generally of a Unitholder in the Trust shall be limited to the right to participate (equally and ratably in distributions) when and as declared by the Trustees as contemplated by ARTICLE 11 and distributions upon the termination of the Trust as contemplated in ARTICLE 14. The Trust is not and is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company nor shall the Trustees or any individual Trustee or the Unitholders or any of them for any purpose be, or be deemed to be treated in any way whatsoever to be, liable or responsible hereunder as partners or joint venturers. The Trustees shall not be, or be deemed to be, agents of the Unitholders. The relationship of the Unitholders to the Trustees, to the Trust and to the property of the Trust shall be solely that of beneficiaries in accordance with this Contract of Trust.
Nature of the Trust. It is the intention and agreement of Grantor and the Trustee to create an express trust within the meaning of Section 111.004(4) of the Texas Trust Code, for the benefit of the owners of Units, and a grantor trust for federal income tax purposes of which the owners of Units are the grantors. As set forth above and amplified herein, the Trust is intended to be limited to the receipt of revenues attributable to the Royalties and the distribution of such revenues, after payment of or provision for Trust expenses and liabilities, to the Unitholders. It is neither the purpose nor the intention of the parties hereto to create, and nothing in this Trust Indenture shall be construed as creating, a partnership, joint venture, joint stock company or business association between or among Unitholders, present or future, or among or between Unitholders, or any of them, and the Trustee or Grantor.
Nature of the Trust. (a) An interest in the Trust is represented by Units. The Trust, its Units and its property shall be governed by the general law of trusts, except as such general law of trusts has been or is from time to time modified, altered or abridged for unit trusts and for the Trust by Applicable Laws or requirements imposed by applicable Securities Authorities or other regulatory authorities or by the terms, conditions and trusts set forth in this Trust Agreement.
Nature of the Trust. The Trust is a trust established for the benefit of the Beneficiary. The Trust is not, and is not intended to be, and shall not be deemed to be, and shall not be treated as, a trust for "purposes", a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company, nor shall the Trustees, the Beneficiary, the Members or any of them or any Person be, or be deemed to be, treated in any way whatsoever liable or responsible under this Agreement as partners, joint venturers or directors. The Trustees are not agents of the Beneficiary or the Members, and shall not have any power to bind the Beneficiary or the Members (but without in any manner limiting the ability of the Trustees to charge, encumber, assign or otherwise deal with the Trust Property in whole or in part).
Nature of the Trust. The Trust is an open ended unincorporated investment trust, established for the purposes specified in Section 4.1 hereof. The Trust is not and is not intended to be, shall not be deemed to be and shall not be treated as a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company, nor shall the Trustee or the Unitholders or Special Unitholders or any of them or any person be, or be deemed to be, treated in any way whatsoever as liable or responsible hereunder as partners or joint venturers. The Trustee is not and shall not be, or be deemed to be, an agent of the Unitholders or Special Unitholders. The relationship of the Unitholders and Special Unitholders to the Trustee shall be solely that of beneficiaries of the Trust and their rights shall be limited to those conferred upon them by this Trust Indenture.
Nature of the Trust. The Trust is an unincorporated closed-end investment trust. The Trust, the Units and its property shall be governed by the general law of trusts set forth in the Civil Code, except as such general law of trusts has been or is from time to time modified, altered or abridged for the Trust by:
