Indemnity by Limited Partners. The Limited Partners hereby agree to save, defend and hold the General Partner harmless from any and all liability to the Partnership in excess of the General Partner's proportionate share thereof determined by reference to the General Partner's proportionate ownership interest in the Partnership. Each Limited Partner shall be liable pursuant to this indemnity provision only to the extent of such Limited Partner's proportionate ownership interest in the Partnership. The purpose of this Agreement is to ensure that the Limited Partners and the General Partner participate equally in losses as well as profits derived from the Partnership. This Agreement is not intended to create third party beneficiary rights in any creditor of the Partnership. Each Limited Partner shall honor this indemnity agreement within ten (10) days after notice and demand by the General Partner and hereby waives any defense that an action may not be maintained against a Partner until a final accounting and dissolution. By initialing hereunder, all Partners specifically acknowledge that they have read this provision and agree to be bound by its terms. Initials:
Appears in 8 contracts
Samples: Limited Partnership Agreement, Limited Partnership Agreement, Limited Partnership Agreement
