Common use of Liability of Partners Clause in Contracts

Liability of Partners. Each Partner signatory hereto or subsequently admitted to the Production Partnership agrees that it shall remain generally liable for any obligation or recourse liability of the Production Partnership incurred during the period in which it is a Partner. However, all present and future Partners hereby agree among themselves to contribute to each other the amount of funds necessary to effectuate a sharing of such Production Partnership obligations and recourse liabilities in proportion to each Partner's share of such obligations and liabilities at the time of their accrual.