Common use of Status of Unitholders Clause in Contracts

Status of Unitholders. The ownership of all property of each Fund of every description and subject to the terms of this Master Trust Agreement, the right to conduct the affairs of each Fund, is vested exclusively in the Trustee and the Manager and the Unitholders of that Fund shall have no interest other than the beneficial interest provided for herein in this Master Trust Agreement, and Unitholders shall have no right to call for any partition or division of any portion of the property of that Fund nor shall they be called upon to share or assume any losses of that Fund or suffer any assessment or further payments to that Fund or the Trustee of any kind by virtue of their ownership of Units of that Fund. Each Fund is an open-ended unincorporated trust. The Funds are not and are not intended to be, shall not be deemed to be, and shall not be treated as general partnerships, limited partnerships, syndicates, associations, joint ventures, companies, corporations or joint stock companies nor shall the Trustee, the Manager 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. Neither the Trustee nor the Manager shall be, or be deemed to be an agent of the Unitholders of any of the Funds. The relationship of the Unitholders to the Trustee shall be solely that of beneficiaries of the applicable Funds and their rights shall be limited to those conferred upon them by this Master Trust Agreement. Further, the Manager shall cause the operations of the PH&N Funds to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the Unitholders of the PH&N Funds for claims against a PH&N Fund and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the PH&N Funds to carry insurance for the benefit of the Unitholders of the PH&N Funds and annuitants in such amounts as it considers adequate to cover any such foreseeable non-contractual or non-excluded contractual liability. The PH&N Funds shall be indemnified and saved harmless by the Manager against any costs, charges, claims, expenses, actions, suits or proceedings arising as a result of any misrepresentation contained in any current Prospectus or like document of the PH&N Funds distributed in connection with the issue of Units of the PH&N Funds and the Manager has granted a contractual right of action or the Applicable Laws contain a statutory right of action in respect of any such Prospectus or like document of the PH&N Funds.

Status of Unitholders. The ownership of all property of each Fund of every description and subject to the terms of this Master Trust Agreement, the right to conduct the affairs of each Fund, is vested exclusively in the Trustee and the Manager and the Unitholders of that Fund shall have no interest other than the beneficial interest provided for herein in this Master Trust Agreement, and Unitholders shall have no right to call for any partition or division of any portion of the property of that Fund nor shall they be called upon to share or assume any losses of that Fund or suffer any assessment or further payments to that Fund or the Trustee of any kind by virtue of their ownership of Units of that Fund. Each Fund is an open-ended unincorporated trust. The Funds are not and are not intended to be, shall not be deemed to be, and shall not be treated as general partnerships, limited partnerships, syndicates, associations, joint ventures, companies, corporations or joint stock companies nor shall the Trustee, the Manager 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. Neither the Trustee nor the Manager shall be, or be deemed to be an agent of the Unitholders of any of the Funds. The relationship of the Unitholders to the Trustee shall be solely that of beneficiaries of the applicable Funds and their rights shall be limited to those conferred upon them by this Master Trust Agreement. Further, the Manager shall cause the operations of the PH&N Funds to be conducted, with the advice of counsel, in such a way and in such jurisdictions as to avoid, as far as possible, any material risk of liability on the Unitholders of the PH&N Funds for claims against a PH&N Fund and shall, to the extent it determines to be possible and reasonable, including the cost of premiums, cause the PH&N Funds to carry insurance for the benefit of the Unitholders of the PH&N Funds and annuitants in such amounts as it considers adequate to cover any such foreseeable non-non- contractual or non-excluded contractual liability. The PH&N Funds shall be indemnified and saved harmless by the Manager against any costs, charges, claims, expenses, actions, suits or proceedings arising as a result of any misrepresentation contained in any current Prospectus or like document of the PH&N Funds distributed in connection with the issue of Units of the PH&N Funds and the Manager has granted a contractual right of action or the Applicable Laws contain a statutory right of action in respect of any such Prospectus or like document of the PH&N Funds.