Common use of Liability of Partners Clause in Contracts

Liability of Partners. The General Partner shall be personally liable for the debts and obligations of the Partnership if (but solely to the extent) required by applicable law; provided, however, that all such debts and obligations shall be paid or discharged first with the property of the Partnership (including insurance proceeds) before the General Partner shall be obligated to pay or discharge any such debt or obligation with its personal assets. Notwithstanding the preceding sentence, the General Partner shall not be personally liable for any debts or obligations that are nonrecourse or that, under the terms thereof, do not create or impose such liability. The Limited Partner shall not be personally liable for any of the debts or obligations of the Partnership.

Liability of Partners. The General Partner Partners shall be personally liable for the debts and obligations of the Partnership if (but solely to the extent) required by applicable law; provided, however, that all such debts and obligations shall be paid or discharged first with the property of the Partnership (including insurance proceeds) before the General Partner Partners shall be obligated to pay or discharge any such debt or obligation with its personal assets. Notwithstanding the preceding sentence, the General Partner Partners shall not be personally liable for any debts or obligations that which are nonrecourse or thatwhich, under the terms thereof, do not create or impose such liability. The Limited Partner shall not be personally liable for any of the debts or obligations of the Partnership.

Liability of Partners. The General Partner shall be personally liable for the debts and obligations of the Partnership if (but solely to the extent) required by applicable law; provided, however, that all such debts and obligations shall be paid or discharged first with the property of the Partnership (including insurance proceeds) before the General Partner shall be obligated to pay or discharge any such debt or obligation with its personal assets. Notwithstanding the preceding sentence, the General Partner shall not be personally liable for any debts or obligations that which are nonrecourse or thatwhich, under the terms thereof, do not create or impose such liability. The Except as otherwise required by law, the Limited Partner shall not be personally liable for any of the debts or obligations of the Partnership.

Liability of Partners. The General Partner Partners shall be personally liable for the debts and obligations of the Partnership if (but solely to the extent) required by applicable law; provided, however, that all such debts and obligations shall be paid or discharged first with the property of the Partnership (including insurance proceeds) before the General Partner Partners shall be obligated to pay or discharge any such debt or obligation with its personal assets. Notwithstanding the preceding sentence, the General Partner Partners shall not be personally liable for any debts or obligations that which are nonrecourse or thatwhich, under the terms thereof, do not create or impose such liability. The No Limited Partner shall not be personally liable for any of the debts or obligations of the Partnership.