Common use of Liability of a Withdrawn General Partner Clause in Contracts

Liability of a Withdrawn General Partner.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.

Liability of a Withdrawn General Partner.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 Amendment7.1, 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.

Liability of a Withdrawn General Partner. Any General Partner who, for any reason, who voluntarily or involuntarily for any reason (including Incapacity) withdraws from the Partnership, Partnership or Transfers its Interest, shall be and remain liable for all obligations and liabilities incurred by it or resulting from its actions as a General Partner prior to the time that such Transfer withdrawal or transfer becomes effective as provided in Section 7.1 of this Third AmendmentParagraph 8.1 above, 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 withdrawal or Transfer becomes effective.