Common use of Ownership Interests Non Assessable and Fully Paid Clause in Contracts

Ownership Interests Non Assessable and Fully Paid. It is the intention of the parties to this Agreement that the Co-Owners shall not be personally liable for obligations of the Custodian or with respect to the Custodial Property, that, except as provided by Section 5.05(b), Ownership Interests shall be non-assessable for any losses or expenses of the Custodian or with respect to the Custodial Property or for any reason whatsoever.

Ownership Interests Non Assessable and Fully Paid. It is the intention of the parties to this Agreement that that, except to the extent provided by Section 6.7(1), the Co-Owners shall not be personally liable for obligations of the Custodian or with respect to the Custodial Property, Account Assets under the Accounts and that, except as to the extent provided by Section 5.05(b6.7(1), the Ownership Interests shall be non-assessable nonassessable for any losses or expenses of the Custodian or with respect to the Custodial Property Account Assets under the Accounts or for any reason whatsoever.