Common use of Trust Not a Partnership Clause in Contracts

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's officers or any Shareholder. All persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If the Trustees shall have yet to have established the Series) the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable therefore. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's ’s officers or any Shareholder. All persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If Series, or, if the Trustees shall have yet to have established the Series) , the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable thereforetherefor. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that the Trust is a ------------- ----------------------- statutory trust and not a partnership is created herebypartnership. No Trustee hereunder shall have any power to bind personally either the Trust's ’s officers or any Shareholder. All persons Persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable therefore. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust trust, and not a partnership partnership, is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's Trust officers or any Shareholder. All persons extending credit to, contracting with, with or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) of the Trust for payment under such credit, contract, contract or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, present or future, shall be personally liable thereforetherefor. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee would otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, negligence or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's ’s officers or any Shareholder. All persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable therefore. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's Trust officers or any Shareholder. All persons extending credit to, contracting with, with or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) of the Trust for payment under such credit, contract, contract or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, present or future, shall be personally liable thereforetherefor. Nothing in this Declaration of Trust Instrument shall protect a Trustee against any liability to which the Trustee would otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, negligence or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's ’s officers or any Shareholder. All persons Persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable therefore. Nothing in this Trust Instrument shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.

Trust Not a Partnership. It is hereby expressly declared that a ------------- ----------------------- trust and not a partnership is created hereby. No Trustee hereunder shall have any power to bind personally either the Trust's ’s officers or any Shareholder. All persons Persons extending credit to, contracting with, or having any claim against the Trust or the Trustees shall look only to the assets of the appropriate Series or (If if the Trustees shall have yet to have established the Series) the Trust for payment under such credit, contract, or claim; and neither the Shareholders nor the Trustees, nor any of their agents, whether past, present, or future, shall be personally liable therefore. Nothing in this Trust Instrument Agreement shall protect a Trustee against any liability to which the Trustee otherwise would be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee hereunder.