Common use of Nature of the Trust Clause in Contracts

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. 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 Article 10 and distributions upon the termination of the Trust as contemplated in ARTICLE 14Article 13. 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.