Liability of a Withdrawn General Partner Sample Clauses

Liability of a Withdrawn General Partner. If on the Event of Withdrawal of a General Partner the business of the Partnership shall continue, the General Partner who shall have withdrawn shall be and remain liable for all obligations and liabilities incurred by him as General Partner prior to such Event of Withdrawal, but he shall be free of any obligation or liability incurred on account of the activities of the Partnership from and after the time of such Event of Withdrawal.
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Liability of a Withdrawn General Partner. A. Any General Partner who withdraws from the Partnership shall be, and remain, liable for all obligations and liabilities incurred by it as General Partner prior to the time such withdrawal becomes effective. In addition, a General Partner who voluntarily withdraws in violation of this Agreement shall be subject to the liability described in Section 6.1C. B. Upon the withdrawal of a General Partner, such General Partner shall immediately cease to be a General Partner, and such General Partners Interest shall be acquired by the Partnership pursuant to Section 6.5. For purposes of this Section 6.4.B and Section 6.5, the Interest of the withdrawing General Partner shall include the interest in the Partnership as a Subordinated Limited Partner (if any) owned by an Affiliate of such withdrawing General Partner. C. The personal representatives, heirs, successors or assigns of any General Partner who withdraws from the Partnership shall be, and remain, liable for all obligations and liabilities incurred by the General Partner prior to, or in connection with, its withdrawal.
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Liability of a Withdrawn General Partner. Any General Partner who shall voluntarily or involuntarily for any reason (including bankruptcy, death, dissolution or adjudication of incompetence) withdraw from the Partnership or sell, transfer or assign its Interest shall be and remain liable for all obligations and liabilities incurred by it as General Partner prior to the time such withdrawal, sale, transfer or assignment shall, as provided in Sections 6.1 or 6.2, have become effective, but it shall be free of any obligation or liability incurred on account of the activities of the Partnership from and after the time such withdrawal, sale, transfer or assignment shall have become effective.
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Liability of a Withdrawn General Partner. Any General Partner who, for any reason, voluntarily or involuntarily withdraws from the Partnership, or Transfers its Interest, shall be and remain liable for all obligations and liabilities incurred by it as a General Partner prior to the time that such Transfer becomes effective as provided in Section 7.1 of this Third Amendment, but it shall be free of any obligation or liability as a General Partner incurred on account of the activities of the Partnership from and after the time that such Transfer becomes effective.
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Liability of a Withdrawn General Partner. Any General Partner which shall for any reason withdraw from the Partnership, whether voluntarily or involuntarily, or shall Transfer all or a portion of its Partnership Interest, shall be and remain liable for all obligations and liabilities incurred by such General Partner (including liabilities of the Partnership or any NOARK Related Entity) prior to the time such withdrawal or Transfer has become effective, but shall be free of any obligation or liability incurred on account of the activities of the Partnership (including any NOARK Related Entity) from and after the time such withdrawal or Transfer becomes effective except for any liabilities or damages attributable to its action in withdrawing from the Partnership.
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Liability of a Withdrawn General Partner. Any General Partner which shall voluntarily or involuntarily for any reason (including bankruptcy, death or adjudication of incompetency) withdraw from the Partnership, or sell, transfer or assign its general partner Partnership Interest, shall be and remain liable for all obligations and liabilities incurred by such General Partner prior to the time such withdrawal, conversion, sale, transfer or assignment, has become effective, but shall be free of any obligation or liability incurred on account of the activities of the Partnership from and after the time such withdrawal, conversion, sale, or transfer or assignment shall have become effective except for any liabilities or damages attributable to its action in withdrawing from the Partnership.
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Related to Liability of a Withdrawn General Partner

  • Liability of General Partner Except as otherwise provided in this Agreement, the liability of the General Partner arising from the conduct of the business affairs or operations of the Partnership or from the debts of the Partnership is unrestricted.

  • Liability of a Member The liability of each Member shall be limited as provided in the Delaware Act and as set forth in this Agreement. No Member shall be obligated to restore by way of Capital Contribution or otherwise any deficits in its Capital Account (if such deficits occur).

  • Liability of Partners No Limited Partner shall be liable for the debts, liabilities, contracts or any other obligations of the Partnership. Except as agreed upon by the Partners, and except as otherwise provided by the Act or by any other applicable state law, no Partner shall be required to make any other Capital Contributions or to loan any funds to the Partnership. No Partner shall have any personal liability for the repayment of its Capital Contributions or loans of any other Partner.

  • Liability of Members The Members shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.

  • Liability of Member The Member shall not have any liability for the obligations or liabilities of the Company except to the extent provided in the Act.

  • Liability of Adviser In the absence of (i) willful misfeasance, bad faith or gross negligence on the part of the Adviser in performance of its obligations and duties hereunder, (ii) reckless disregard by the Adviser of its obligations and duties hereunder, or (iii) a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services (in which case any award of damages shall be limited to the period and the amount set forth in Section 36(b)(3) of the Investment Company Act of 1940, as amended ("1940 Act"), the Adviser shall not be subject to any liability whatsoever to the Fund, or to any shareholder of the Fund, for any error or judgment, mistake of law or any other act or omission in the course of, or connected with, rendering services hereunder including, without limitation, for any losses that may be sustained in connection with the purchase, holding, redemption or sale of any security on behalf of the Portfolio.

  • Liability of Advisor No provision of this Agreement shall be deemed to protect the Advisor against any liability to the Fund or the shareholders of the Portfolio to which it might otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

  • Liability of the Member All debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Member shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a member.

  • Liability of Sub-Adviser The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Adviser or the Trust in connection with the performance of this Agreement, except that the Sub-Adviser shall be liable to the Adviser or the Trust for any loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or any loss resulting from willful misfeasance, bad faith or negligence on the part of the Sub-Adviser in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

  • What if I Make a Contribution for Which I Am Ineligible or Change My Mind About the Type of IRA to Which I Wish to Contribute?

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