Common use of Nature of the Trust Clause in Contracts

Nature of the Trust. The Trust is a trust established for the benefit of the Beneficiary. The Trust is not, and is not intended to be, and shall not be deemed to be, and shall not be treated as, a trust for "purposes", a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company, nor shall the Trustees, the Beneficiary, the Members or any of them or any Person be, or be deemed to be, treated in any way whatsoever liable or responsible under this Agreement as partners, joint venturers or directors. The Trustees are not agents of the Beneficiary or the Members, and shall not have any power to bind the Beneficiary or the Members (but without in any manner limiting the ability of the Trustees to charge, encumber, assign or otherwise deal with the Trust Property in whole or in part).