Status of Interests and Limitation of Personal Liability Sample Clauses

Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property giving only the rights provided in this instrument. Ownership of Interests shall not entitle the Investors to any title in or to the whole or any part of Fund property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Interests constitute the Investors partners of each other. Neither the Fund nor the Board of Directors, nor any officer, employee or agent of the Fund, shall have any power to bind personally any Investor, nor, except as specifically provided herein, to call upon any Investor for the payment of any sum of money or assessment whatsoever other than such as the Investor may at any time personally agree to pay.
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Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property giving to Investors only the rights provided in this Partnership Agreement and under applicable law. An Investor has no interest in specific Partnership Property. Every Investor by virtue of having become an Investor shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. Subject to Article VIII, Section 3 of this Partnership Agreement, the death, dissolution or termination of an Investor during the existence of the Partnership shall not operate to dissolve the Partnership or any Series, nor entitle the representative of any deceased, dissolved or terminated Investor to an accounting or to take any action in court or elsewhere against the Partnership, the General Partner, the Directors or any Series, but shall entitle such representative only to the rights of said deceased, dissolved or terminated Investor under this Partnership Agreement. Neither the General Partner nor the Directors, nor any officer, employee or agent of the Partnership shall have any power to bind personally any Investor.
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Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property giving only the rights provided in this Agreement, the By-Laws of the Fund and the resolutions of the Board of Trustees. Every Holder by virtue of having become a Holder shall be held to have expressly assented and agreed to the terms thereof. The death of a Holder during the existence of the Fund shall not operate to terminate the Fund, nor entitle the representative of any deceased Holder to an accounting or to take any action in court or elsewhere against the Fund or the Trustees, but shall entitle such representative only to the rights of said deceased Holder under this Agreement. Ownership of Interests shall not entitle a Holder to any title in or to the whole or any part of the Fund Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Interests constitute the Holders as partners or joint venturers except as specifically provided for pursuant to Article III herein or by resolution of the Board of Trustees. Neither the Fund nor the Trustees, nor any officer, employee or agent of the Fund shall have any power to bind personally any Holder, or to call upon any Holder for the payment of any sum of money or assessment whatsoever other than such as the Holder may at any time agree to pay.
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Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property having only the rights provided in this instrument. Every Interestholder by virtue of having become an Interestholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of an Interestholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Interestholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Interests shall not entitle the Interestholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Interests constitute the Interestholders partners (other than for tax purposes as set forth in Article VI, Section 1). Each Interestholder of the Trust and of each Series or class shall not be personally liable for debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any such Series or class. The Trustees shall have no power to bind any Interestholder personally or to call upon any Interestholder for the payment of any sum of money or assessment whatsoever other than such as the Interestholder may at any time personally agree to pay by way of subscription for any Interests or otherwise. Notes, bonds, contracts or other undertakings issued by or on behalf of the Trust or the Trustees relating to the Trust or to a Series or class may include a recitation limiting the obligation represented thereby to the Trust or to one or more Series or classes and its or their assets (but the omission of such a recitation shall not operate to bind any Interestholder or Trustee of the Trust). Interestholders shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the State of Delaware. Written obligations of the Trust or any Series or class may contain a statement to the effect that such obligation may only be enforced against the assets of the appropriate Series or all Series or classes; however, the omission of such statement shall not operate to bind or create personal liability for any Interestholder or Trustee.
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Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property giving only the rights provided in this instrument. Every Person by virtue of having become registered as an Interestholder on the books of the Trust pursuant to Section 3 of this Article shall be held to have expressly assented and agreed to the terms hereof and to be bound by this Declaration of Trust. The death of an Interestholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Interestholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Interests shall not entitle the Interestholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Interests constitute the Interestholders partners.
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Status of Interests and Limitation of Personal Liability. Interests shall be deemed to be personal property giving only the rights provided in this instrument. The ownership of Interests shall not entitle the Investors to any title in or to the whole or any part of Fund property or right to call for a partition or division of the same or for an accounting. Every Investor by virtue of having become an Investor shall be held to have expressly assented and agreed to the terms of this Agreement and to have become a party to this Agreement. Neither the General Partner, the Fund nor the Board of Directors, nor any officer, employee or agent of the Fund, shall have any power to bind personally any Investor, nor, except as specifically provided herein, to call upon any Investor for the payment of any sum of money or assessment whatsoever other than such as the Investor may at any time personally agree to pay.
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Related to Status of Interests and Limitation of Personal Liability

  • Status of Shares and Limitation of Personal Liability Shares shall be deemed to be personal property giving only the rights provided in this instrument and the By-Laws of the Trust. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof. The death of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but shall entitle such representative only to the rights of said deceased Shareholder under this Declaration of Trust. Ownership of Shares shall not entitle a Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners or joint venturers. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time agree to pay.

  • Shares and Limitation of Personal Liability Section 7. Shares shall be deemed to be personal property giving only the rights provided in this Declaration or the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration and the Bylaws and to have become a party hereto and thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.

  • Limitation of Personal Liability All the parties hereto acknowledge and agree that all liabilities of the Trust arising, directly or indirectly, under this Agreement, of any and every nature whatsoever, shall be satisfied solely out of the assets of the Fund and that no Trustee, officer or holder of shares of beneficial interest of the Trust shall be personally liable for any of the foregoing liabilities. The Trust Instrument describes in detail the respective responsibilities and limitations on liability of the Trustees, officers and holders of shares of beneficial interest of the Trust.

  • Applicability of ISP and UCP; Limitation of Liability Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit and (ii) the rules of the UCP shall apply to each commercial Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

  • Limitation on Personal Liability All parties to this Agreement acknowledge and agree that the Trust is a series trust and all debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets held with respect to such series only, and not against the assets of the Trust generally or against the assets held with respect to any other series and further that no Trustee, officer or holder of shares of beneficial interest of the Trust shall be personally liable for any of the foregoing.

  • LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES EACH OF THE PARTIES HERETO, INCLUDING BANK BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR ARBITRATION PROCEEDING OR ANY CLAIM OR CONTROVERSY BETWEEN OR AMONG THEM THAT MAY ARISE OUT OF OR BE IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR DOCUMENT BETWEEN OR AMONG THEM OR THE OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE.

  • Applicability of ISP; Limitation of Liability Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

  • Additional Limitation of Liability The parties hereto are expressly put on notice that a Certificate of Trust, referring to the Trust’s Agreement and Declaration of Trust (the “Certificate”), is on file with the Secretary of the State of Delaware. The Certificate was executed by a trustee of the Trust on behalf of the Trust as trustee, and not individually, and, as provided in the Trust’s Agreement and Declaration of Trust, the obligations of the Trust are not binding on the Trust’s trustees, officers or shareholders individually but are binding only upon the assets and property of the Trust, or the particular series in question, as the case may be. Further, the liabilities and obligations of any series of the Trust shall be enforceable only against the assets belonging to such series, and not against the assets of any other series.

  • Conditions and Limitations The admission of any Person as a Substituted Member or an Additional Member shall be conditioned upon (i) such Person’s written acceptance and adoption of all the terms and provisions of this Agreement, either by (A) execution and delivery of a counterpart signature page to this Agreement countersigned by the Managing Member on behalf of the Company or (B) any other writing evidencing the intent of such Person to become a Substituted Member or an Additional Member and such writing is accepted by the Managing Member on behalf of the Company.

  • Indemnification with Respect to Prohibited Transactions or Loss of REMIC Status Upon the occurrence of an Adverse REMIC Event due to the negligent performance by either the Securities Administrator or the Master Servicer of its duties and obligations set forth herein, the Securities Administrator or the Master Servicer, as applicable, shall indemnify the Certificateholders of the related Residual Certificate against any and all losses, claims, damages, liabilities or expenses (“Losses”) resulting from such negligence; provided, however, that neither the Securities Administrator nor the Master Servicer shall be liable for any such Losses attributable to the action or inaction of the Depositor, the Trustee or the Holder of the Residual Certificate, nor for any such Losses resulting from misinformation provided by any of the foregoing parties on which the Securities Administrator or the Master Servicer, as applicable, has relied. Notwithstanding the foregoing, however, in no event shall the Securities Administrator or the Master Servicer have any liability (1) for any action or omission that is taken in accordance with and in compliance with the express terms of, or which is expressly permitted by the terms of, this Agreement or under any Servicing Agreement, (2) for any Losses other than arising out of malfeasance, willful misconduct or negligent performance by the Securities Administrator or the Master Servicer, as applicable, of its duties and obligations set forth herein, and (3) for any special or consequential damages to Certificateholders of the related Residual Certificate (in addition to payment of principal and interest on the Certificates).

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