Liabilities of Partners. (a) Pursuant to the Delaware Act, the General Partners are liable jointly and severally for all liabilities and obligations of the Partnership. Notwithstanding the foregoing, as among themselves, the General Partners hereby agree that each shall be solely and individually responsible only for his pro rata share (based on Capital Contributions made) of the liabilities and obligations of the Partnership, and any General Partner who incurs liability in excess of his pro rata share shall be entitled to contribution from the other General Partners. Pursuant hereto, the Managing Partner further agrees to indemnify each General Partner for any and all Partnership-related obligations and liabilities otherwise allocable to or paid by such General Partner which are in excess of such General Partner’s share of the Partnership’s undistributed assets. Under no circumstances shall any Partner be required to indemnify the Managing Partner, except to the extent of such Partner’s (i) Capital Contribution and (ii) share of Partnership assets.
Liabilities of Partners. Except as specifically provided in this Agreement, Partners shall not be required to make any contributions to the Partnership and no Partner shall be liable for the debts, liabilities, contracts, or any other obligations of the Partnership except with regard to their Capital Contributions as indicated herein, nor shall the Partners be required to lend any funds to the Partnership or to repay to the Partnership, any Partner, or any creditor of the Partnership any portion or all of any deficit balance in a Partner’s Capital Account.
Liabilities of Partners. (a) Neither the General Partners nor any of their trustees, directors, officers, employees or agents shall be liable to the Partnership or to any other Partner for any actions or omissions to act taken in good faith and reasonably believed to be in the best interests of the Partnership, but shall be liable for bad faith, willful misconduct, fraud, or gross negligence. A General Partner shall remain liable for the obligations of the Partnership incurred or arising out of its operations while it was a General Partner, but not for obligations arising thereafter.
Liabilities of Partners. (a) None of the General Partners nor any of their trustees, directors, officers, employees or agents shall be liable to the Partnership or to any other Partner for any actions or omissions to act taken in good faith and reasonably believed to be in the best interests of the Partnership, but shall be liable for bad faith, willful misconduct, fraud, or gross negligence, provided that, no individual trustee, director, officer, employee or agent of a General Partner shall be liable to the Partnership or any Partner except for his or her own fraud.. A General Partner shall remain liable for the obligations of the Partnership incurred or arising out of its operations while it was a General Partner, but not for obligations arising thereafter.
Liabilities of Partners. Every contract, deed of trust, note, lease, sublease, or other agreement of any kind entered into by the Partnership shall contain a provision limiting the claims of all third parties to the assets of the Partnership and expressly waiving all rights in such third parties to proceed against the Partners, or the officers, directors or shareholders of any corporate Partner, except to the extent of their interest in the Partnership.
Liabilities of Partners. Except as specifically provided in this Agreement, no Partner shall be (i) required to make any additional contributions to the Partnership, (ii) liable for the debts, liabilities, contracts, or any other obligations of the Partnership (except that the General Partner's liability shall be determined in accordance with the law of the State of New York), (iii) required to lend any funds to the Partnership, or (iv) required to repay to the Partnership, any other Partner, any creditor of the Partnership or any other person, any deficit balance in the Partner's Capital Account.
Liabilities of Partners. If the Tenant is a partnership then by their signature of this Lease, the individual partners of the Tenant bind themselves, both as a partnership and jointly and severally as individuals, for the Tenant's obligations to the Landlord under and arising out of this Lease. Similarly, joint Tenants shall be jointly and severally liable for their obligations as Tenants under or arising from this Lease.
Liabilities of Partners
