Common use of LIMITATION OF LIMITED PARTNERS' LIABILITY Clause in Contracts

LIMITATION OF LIMITED PARTNERS' LIABILITY. (a) No Limited Partner shall have any personal liability whatsoever, whether to the Partnership, to any of the Partners or to any creditor of the Partnership, for the debts of the Partnership or any of its losses beyond the amount contributed by such Limited Partner to the capital of the Partnership; provided, however, that a Limited Partner shall be obligated to return distributions wrongfully distributed to it as required by the Act or other applicable law.