Common use of Nature of Trust Clause in Contracts

Nature of Trust. The Trust is a business trust of the type referred to in Section 3801(a) of the Delaware Business Trust Act, and without limiting the provisions hereof, the Trust may have and exercise all powers which may be exercised by such a trust. 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, or joint stock company or association for purposes of Delaware law or the laws of any other state of the United States. Neither the Trustees nor the Beneficiary shall be deemed to be, or be treated, in any way as partners or joint venturers or as agents of one another, or liable or responsible as such hereunder. The relationship of the Beneficiary to the Trustees shall be solely that of the beneficiary of the Trust, and its rights shall be limited to those conferred upon it by this Agreement and, to the extent permissible under the Delaware Business Trust Act and not inconsistent herewith, the Delaware Business Trust Act.

Nature of Trust. The Trust is a business trust of the type referred to in Section 3801(a3801 (a) of the Delaware Business Trust Act, and without limiting the provisions hereof, the Trust may have and exercise all powers which may be exercised by such a trust. 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, or joint stock company or association for purposes of Delaware law or the laws of any other state of the United States. Neither the Trustees nor the Beneficiary shall be deemed to be, or be treated, in any way as partners or joint venturers or as agents of one another, or liable or responsible as such hereunder. The relationship of the Beneficiary to the Trustees shall be solely that of the beneficiary of the Trust, and its rights shall be limited to those conferred upon it by this Agreement and, to the extent permissible under the Delaware Business Trust Act and not inconsistent herewith, the Delaware Business Trust Act.