Nature of Entity. It is the intention of the Trustees to create only the relationship of trustee and beneficiary between the Trustees and each Unitholder from time to time. Except as set forth in the last sentence of this Section 6.4, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Unitholders, either by themselves or with the Trustees partners or members of a joint stock association. Notwithstanding the foregoing, it is the intention of the Trustees that the Trust shall be treated as a partnership for U.S. federal and other applicable income tax purposes.
Appears in 2 contracts
Sources: Agreement and Declaration of Trust (Cushing MLP Infrastructure Fund II), Agreement and Declaration of Trust (Cushing MLP Infrastructure Master Fund)
Nature of Entity. It is the intention of the Trustees to create only the relationship of trustee Trustee and beneficiary between the Trustees and each Unitholder from time to time. Except as set forth in the last sentence of this Section 6.4next sentence, it is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Unitholders, either by themselves or with the Trustees Trustees, partners or members of a joint stock association. Notwithstanding the foregoing, it is the intention of the Trustees that the Trust shall be treated as a partnership for U.S. federal and other applicable income tax purposes.
Appears in 1 contract
Sources: Agreement and Declaration of Trust (NT Equity Long/Short Strategies Fund)