Status of Unitholders Sample Clauses

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 r...
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Status of Unitholders. The ownership of all Fund Property is vested exclusively in the Trustee and the right to conduct the affairs of the Fund is vested exclusively in the Trustee and the Manager as provided herein, and the Unitholders shall have no right or interests therein or with respect thereto, other than those which are expressly provided for herein. Unitholders shall have no right to call for any partition or division of any portion of the Fund Property; nor shall they be called upon to share or assume any losses of the Fund or be liable for any assessment or further payments to the Fund or the Trustee of any kind by virtue of their ownership of Trust Units, except with respect to the breach of any term of any subscription agreement or similar document executed by or on behalf of any Unitholder in respect of their investment in Trust Units. The Fund is an investment trust. The Fund is not intended to be, shall not be deemed to be, and shall not be treated as, a general partnership, limited partnership, syndicate, association, joint venture, company, corporation or joint stock company; nor shall the Trustee, the Manager, any Investment Advisor or the Unitholders or any of them for any purpose be, or be deemed to be in any way whatsoever, liable or responsible hereunder as partners or joint venturers. Neither the Trustee nor the Manager nor any Investment Advisor shall be or be deemed to be an agent of the Unitholders. The relationship of the Unitholders to the Trustee shall be solely that of beneficiaries of the Fund, and their rights shall be limited to those conferred upon them hereby.
Sample 1

Related to Status of Unitholders

  • Rights of Unit Holders Except as otherwise provided in this Agreement, each Unit Holder shall look solely to the Property of the Company for the return of its Capital Contribution and has no right or power to demand or receive Property other than cash from the Company. If the assets of the Company remaining after payment or discharge of the debts or liabilities of the Company are insufficient to return such Capital Contribution, the Unit Holders shall have no recourse against the Company or any other Unit Holder or Directors.

  • Distribution of Units Unless otherwise determined by the Committee or required by any applicable law, rule or regulation, neither the Company nor the Partnership shall deliver to the Participant certificates evidencing Units issued pursuant to this Agreement and instead such Units shall be recorded in the books of the Partnership (or, as applicable, its transfer agent or equity plan administrator). All certificates for Units issued pursuant to this Agreement and all Units issued pursuant to book entry procedures hereunder shall be subject to such stop transfer orders and other restrictions as the Company may deem advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units are then listed, and any applicable federal or state laws, and the Company may cause a legend or legends to be inscribed on any such certificates or book entry to make appropriate reference to such restrictions. In addition to the terms and conditions provided herein, the Company may require that the Participant make such covenants, agreements, and representations as the Company, in its sole discretion, deems advisable in order to comply with any such laws, regulations, or requirements. No fractional Units shall be issued or delivered pursuant to the Phantom Units and the Committee shall determine, in its discretion, whether cash, other securities, or other property shall be paid or transferred in lieu of fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

  • Nature of Limited Partner Interests All Limited Partner Interests issued pursuant to, and in accordance with the requirements of, this Article V shall be fully paid and non-assessable Limited Partner Interests in the Partnership, except as such non-assessability may be affected by Sections 17-303, 17-607 or 17-804 of the Delaware Act.

  • Shareholder Communications Election SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs the Fund to indicate whether it authorizes the Custodian to provide the Fund’s name, address, and share position to requesting companies whose securities the Fund owns. If the Fund tells the Custodian “no”, the Custodian will not provide this information to requesting companies. If the Fund tells the Custodian “yes” or does not check either “yes” or “no” below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For the Fund’s protection, the Rule prohibits the requesting company from using the Fund’s name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below. YES [ ] The Custodian is authorized to release the Fund’s name, address, and share positions. NO [X] The Custodian is not authorized to release the Fund’s name, address, and share positions.

  • Interest Holders The Administrative Agent may treat each Lender, or the Person designated in the last notice filed with the Administrative Agent, as the holder of all of the interests of such Lender in its portion of the Loans and in its Note until written notice of transfer, signed by such Lender (or the Person designated in the last notice filed with the Administrative Agent) and by the Person designated in such written notice of transfer, in form and substance satisfactory to the Administrative Agent, shall have been filed with the Administrative Agent.

  • Settlement of Units As soon as practicable after any date on which Units vest (but no later than the 15th day of the third calendar month following such vesting date), the Company will cause to be issued and delivered to you (or to your personal representative or your designated beneficiary or estate in the event of your death, as applicable), one Share in payment and settlement of each vested Unit. Delivery of the Shares shall be effected by the issuance of a stock certificate to you, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to you, or by the electronic delivery of the Shares to a brokerage account you designate, and shall be subject to the tax withholding provisions of Section 8 of this Agreement and compliance with all applicable legal requirements as provided in Section 18(c) of the Plan, and shall be in complete satisfaction and settlement of such vested Units. The Company will pay any original issue or transfer taxes with respect to the issue and transfer of Shares to you pursuant to this Agreement, and all fees and expenses incurred by it in connection therewith.

  • Classes of Units Upon the completion of the classification of Units described in Section 8.1, the Company shall have three classes of Units, designated as Class A Units, Class B Units and Class C Units, with each class of Units having the rights and privileges, and being subject to the limitations, as described in this Agreement, including the following:

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