Business Trusts Clause Samples
The 'Business Trusts' clause defines how trusts are treated within the context of a business agreement. It typically clarifies whether a party is acting as a trustee, outlines the responsibilities and powers of trustees, and may specify how trust assets are managed or protected under the contract. For example, it might require a trustee to disclose their status or limit their liability to the assets of the trust. This clause ensures transparency regarding the involvement of trusts in the business relationship and helps allocate risk by clarifying the legal standing and obligations of trustees.
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Business Trusts. AMR acknowledges that the Obligations of each Borrower hereunder are several and that AMR shall have no recourse against any Borrower for the payment or performance of the Obligations of any other Borrower. AMR acknowledges that the Trusts are business trusts organized under the laws of the Commonwealth of Massachusetts and that the trustees of each Trust are entering into this Agreement as trustees and not personally. AMR agrees that neither the officers, trustees nor shareholders of the Borrowers shall be personally liable for any obligation, loss, claim, expense, fee or other charge arising hereunder.
Business Trusts. With respect to a Fund which is a business trust, this Agreement is executed by or on behalf of the trustees of the Fund solely in their capacity as such trustees, and shall not constitute their personal obligation either jointly or severally in their individual
Business Trusts. The Fund and the Custodian agree that the obligations of the Fund under this Agreement shall not be binding upon or any member of the Board of Directors or any shareholder, nominee, officer, employee or agent, whether past, present or future, of the Fund individually, but are binding only upon the assets and property of the Fund or of the appropriate Portfolio(s) thereof. The execution and delivery of this Agreement have been duly authorized by Fund and signed by an authorized officer of the Fund, acting as such, but neither such authorization by the Fund nor such execution and delivery by such officer shall be deemed to have been made by any member of the Board of Directors or by any officer or shareholder of the Fund individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Fund or of the appropriate Portfolio(s) thereof.]
Business Trusts. With respect to a Client which is a business trust, BTC acknowledges and agrees that this Agreement is executed by such Client on behalf of the trustees of such Client as trustees and not individually; and no trustee, shareholder, officer, employee or agent of such business trust shall be held to any personal liability, nor shall resort be had to their property for the satisfaction of the Client’s obligations under this Agreement, and such obligations are binding only upon the assets and property of such Client.
Business Trusts. The Declaration of Trust establishing the Trust, dated as of September 11, 1992, as amended and restated as of April 27, 2022, a copy of which, together with all amendments thereto, is on file in the office of the Secretary of State of the Commonwealth of Massachusetts, provides that no Trustee, shareholder, officer, employee or agent of the Trust shall be held to any personal liability, nor shall resort be had to their private property for satisfaction of any obligation or claim or otherwise in connection with the affairs of the Trust, but the “Trust Property” only shall be liable.
Business Trusts. The Declarations of Trust establishing SunAmerica Series Trust, dated as of September 11, 1992, as amended and restated as of April 24, 2022, and Seasons Series Trust, dated as of October 10, 1995, as amended and restated as of April 27, 2022, copies of which, together with all amendments thereto, are on file in the office of the Secretary of State of the Commonwealth of Massachusetts, provides that no Trustee, shareholder, officer, employee or agent of the applicable Trust shall be held to any personal liability, nor shall resort be had to their private property for satisfaction of any obligation or claim or otherwise in connection with the affairs of the Trust, but the “Trust Property” only shall be liable.
Business Trusts. Seller, the Company and each Member expressly acknowledge that each of Buyer and EVM is a business trust and that the respective Declaration of Trust of each limits the personal liability of its shareholders, trustees, officers and employees. Seller, the Company and each Member hereby agree that each shall look solely to the trust property of Buyer for the satisfaction of claims and obligations of any nature arising out of this Agreement or otherwise in connection with the affairs of Buyer, and it shall not seek redress or satisfaction for such claims or obligations from any shareholder, trustee, officer, or employee of Buyer. Seller, the Company and each Member hereby agree that each shall look solely to the trust property of EVM for the satisfaction of claims and obligations of any nature arising out of the Guarantee or otherwise in connection with the affairs of EVM, and it shall not seek redress or satisfaction for such claims or obligations from any shareholder, trustee, officer, or employee of EVM.
Business Trusts. With respect to a Fund which is a business trust, this Agreement is executed by or on behalf of the trustees of the Fund solely in their capacity as such trustees, and shall not constitute their personal obligation either jointly or severally in their individual capacities. In accordance with the Fund’s charter, no trustee, shareholder, officer, employee or agent of the Fund shall be held to any personal liability, nor shall resort be had to their private property for the satisfaction of any obligation or claim or otherwise under this Agreement and the Fund shall be solely liable therefor; all parties hereto shall look solely to the Fund property for the payment of any claim, or the performance of any obligation, hereunder.