Common use of Liability of Withdrawn General Partner Clause in Contracts

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner of the Partnership, it shall be and remain liable for all obligations and liabilities incurred by it as general partner prior to the time such withdrawal shall 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 shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 6 contracts

Samples: Limited Partnership Agreement (Industrial Property Trust Inc.), Limited Partnership Agreement (Industrial Property Trust Inc.), Limited Partnership Agreement (Industrial Property Trust Inc.)

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Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner business of the PartnershipPartnership is continued after Withdrawal of a General Partner, it the Withdrawn General Partner, his estate and legal representatives shall be and remain liable for all obligations and liabilities incurred by it him while a General Partner and for which he was liable as general partner prior to the time such withdrawal shall have become effectivea General Partner, but it shall be free of any obligation or liability incurred on account of or arising from the activities of the Partnership from and after the time such withdrawal Withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 5 contracts

Samples: Agreement of Limited Partnership (Krupp Cash Plus LTD Partnership), Agreement of Limited Partnership (Krupp Realty LTD Partnership V), Agreement of Limited Partnership (Krupp Realty Fund LTD Iii)

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner the General Partner of the Partnership, it shall be and remain liable for all obligations and liabilities incurred by it as general partner General Partner prior to the time such withdrawal shall 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 shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Desert Springs Marriott Limited Partnership), Agreement of Limited Partnership (Hanover Marriott Limited Partnership)

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner business of the PartnershipPartnership is continued after Withdrawal of a General Partner, it the Withdrawn General Partner, his estate and legal representatives shall be and remain liable for all obligations and liabilities incurred by it him while a General Partner and for which he was liable as general partner prior to the time such withdrawal shall have become effectivea General Partner, but it shall be free of any obligation or liability incurred on account of or arising from the activities of the Partnership from and after the time such withdrawal Withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Krupp Insured Plus Ii LTD Partnership), Limited Partnership Agreement (Krupp Insured Plus Ii LTD Partnership)

Liability of Withdrawn General Partner. If the General Partner shall cease to be a general partner of the Partnership, it shall be and shall remain liable for all obligations and liabilities incurred by it as general partner on account of activities of the Partnership prior to or at the time such withdrawal shall 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 shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 2 contracts

Samples: Limited Partnership Agreement (RPC Bramlage, Inc.), Limited Partnership Agreement (RPC Bramlage, Inc.)

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner business of the PartnershipPartnership is continued after Withdrawal of a General Partner, it the Withdrawn General Partner, his estate and legal representatives shall be and remain liable for all obligations and liabilities incurred by it him while a General Partner and for which he was liable as general partner prior to the time such withdrawal shall have become effective, a General Partner but it shall be free of any obligation obligations or liability incurred on account of or arising from the activities of the Partnership from and after the time such withdrawal Withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 1 contract

Samples: Agreement of Limited Partnership (Krupp Realty LTD Partnership V)

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Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner business of the PartnershipPartnership is continued after withdrawal of the General Partner, it the General Partner, or its estate, successors or legal representatives, shall be and remain liable for all obligations and liabilities incurred by it or by the Partnership while it was acting in the capacity of General Partner and for which it was liable as general partner prior to the time such withdrawal shall have become effectiveGeneral Partner, but it they shall be free of any obligation or liability incurred on account of or arising from the activities of the Partnership from and after the time such the withdrawal shall have become became effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (LEAF Equipment Finance Fund 4, L.P.)

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner business of the PartnershipPartnership is continued after withdrawal of the General Partner, it the General Partner, or its estate, successors or legal representatives, shall be and remain liable for all obligations and liabilities incurred by it or by the Partnership while it was acting in the capacity of General Partner and for which it was liable as general partner prior to the time such withdrawal shall have become effectiveGeneral Partner, but it shall be free of any obligation or liability incurred on account of or arising from the activities of the Partnership from and after the time such withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreement.

Appears in 1 contract

Samples: Limited Partnership Agreement (Icon Holdings Corp)

Liability of Withdrawn General Partner. If the General Partner shall cease to be general partner of withdraws from the Partnership, it shall be and the General Partner nonetheless will remain liable for all obligations and liabilities incurred by it as general partner prior arising out of or relating to activities of the Partnership before the time of such withdrawal shall have become effectivewithdrawal, but it shall will be free of any obligation or liability incurred on account of the activities of the Partnership in its capacity as General Partner from and after the time of such withdrawal shall have become effective; provided, however, that nothing herein shall relieve the General Partner from any liability arising from any withdrawal from the Partnership in violation of this Agreementwithdrawal.

Appears in 1 contract

Samples: Limited Partnership Agreement

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