Liability of the Limited Partners. Except as otherwise described in the Act, no Limited Partner shall be liable for any debts, liabilities, contracts, or any other obligations of the Partnership. Except as otherwise described in the Act, a Limited Partner has no liability in excess of his Capital Contribution and his share of the Partnership's assets and undistributed profits, and shall not be required to lend any funds to the Partnership or, after his Capital Contribution has been paid, to make any further Capital Contributions to the Partnership or to pay to the Partnership, any Partner, or any creditor of the Partnership any portion or all of any negative balance of his Capital Account.
Appears in 3 contracts
Samples: Agreement of Limited Partnership (Fairfield Inn by Marriott LTD Partnership), Limited Partnership Agreement (Fairfield Inn by Marriott LTD Partnership), Agreement of Limited Partnership (Marriott Diversified American Hotels L P)
Liability of the Limited Partners. Except as otherwise described in required by the Act, no Limited Partner shall be liable for any the debts, liabilities, contracts, contracts or any other obligations of the Partnership. Except as otherwise described in required by the Act, a Limited Partner has no liability in excess of his Capital Contribution and his share of the Partnership's assets and undistributed profits, and shall not be required to lend any funds to the Partnership or, after his Capital Contribution has been paid, to make any further Capital Contributions to the Partnership or to pay repay to the Partnership, any Partner, Partner or to any creditor of the Partnership any portion or all of any negative balance of his Capital Account.
Appears in 2 contracts
Samples: Agreement of Limited Partnership (Hanover Marriott Limited Partnership), Limited Partnership Agreement (Desert Springs Marriott Limited Partnership)
Liability of the Limited Partners. Except as otherwise described in the Act, no Limited Partner shall be liable for any debts, liabilities, contracts, contracts or any other obligations of the Partnership. Except as otherwise described in the Act, a Limited Partner has no liability in excess of his Capital Contribution and his share of the Partnership's assets and undistributed profits, and shall not be required to lend any funds to the Partnership or, after his Capital Contribution has been paid, to make any further Capital Contributions to the Partnership or to pay to the Partnership, any Partner, Partner or to any creditor of the Partnership any portion or all of any negative balance of his Capital Account.
Appears in 1 contract
Samples: Limited Partnership Agreement (Marriott Hotel Properties Ii Limited Partnership)
